Hawks bust mastermind behind ‘Black Child Billionaire’ illegal investment scheme!

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Lebohang Ernest Maboea (25) accused of fraud, theft and money laundering, appeared before the Phuthaditjhaba Magistrate Court on Monday, 19 July 2021.

It is alleged that from February 2018 to May 2019, the accused and another suspect who is still at large ran an illegal investment scheme by the name ‘Black Child Billionaire’.

The victims of the scheme invested sums of money with the promise of getting an interest ranging from 25% to 100% within a certain period of time. After several months, the victims did not receive their money as agreed. The result of this scheme resulted in victims suffering a total loss of approximately R534 000.

The matter was reported to the Hawks’ Serious Commercial Crime Investigation (SCCI) in Bethlehem for further investigation. The investigation led to the arrest of Maboea in Qwaqwa on Friday, 16 July 2021.

The case against the 25-year-old has been postponed to Monday, 26 July 2021 for a formal bail hearing. 

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