The bogus investment schemer, Nicholas Mqiba, has been released on R5 000 bail after, he was arrested for allegedly fraudulently processing forex payments worth hundreds of rand.
The 47-years-old appeared before the Bloemfontein Magistrates’ Court on Wednesday, 12 January, on allegations of investment fraud.
It is alleged that during November 2017, Mqiba was invited to a church service by one of the prospective investor where he presented a forex investment scheme to the congregants.
In the presentation Mqiba stated that he was a Chief Executive Officer of Merger Chen Solutions (MCS) and a pastor in Phalaborwa.
High returns on investment were promised which led to the victims investing large sums of money. One of the victims together with family members invested a total of R276 000 from January until April 2018.
They received no return on their investment, when a follow-up was made it was realized that the scheme was in fact fraudulent.
The matter was reported to the Hawks’ Serious Commercial Crime Investigation team based in Bloemfontein for further investigation which culminated in the arrest of Mqiba on Wednesday, 05 January 2022, by the police in Komatipoort, Mpumalanga.
The case against Mqiba has been remanded to Friday, 28 January 2022 for regional court date and he was granted R5000 bail.
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