Jabulani ‘Mr Cashflow’ Ngcobo widely known among Durban community as a forex millionaire appeared to be a regular scammer.
This week, the Specialised Commercial Crimes Court found 33-year-old Ngcobo guilty of fraud in several cases and sentenced him to six years behind bars. The same fate befell his partner in crimes, Mzabalazo Welcome Dlamini, who would also spend the next few years in prison.
According to the reports, the criminal duo was siphoning money from people, operating as authorised financial services providers (FSPs). Yet the investigation that had been underway for over a year showed they had not had any permission to perform any such actions on the market.
On Tuesday, the Financial Sector Conduct Authority (FSCA) expressed gratitude for the court’s decision, while also urging people to be vigilant and not fall into scammers’ hands.
“This is a criminal offence and the FSCA welcomes the sentence imposed on them, as it sends a clear message against unscrupulous financial entities and scams,” it said.