EASTERN Cape police have appealed to the victims of an alleged multi-million-rand scam to come forward with information in an attempt to process legal claims.
The scam reportedly started in 2007 and hundreds of people including pensioners, civil servants and business people invested millions of rands in Uphill General Consultants Investment believing it was listed on the Johannesburg Stock Exchange.
The alleged mastermind of the scam and director of the company Kwazi Joshua Mpumlwana was arrested together with his portfolio manager, Zimbabwe national Phanuel Tashaya Kayde.
The two appeared before the Butterworth Magistrate’s Court on Monday.
Mpumlwana, known also as DJ Kwazee, is also the owner of the music recording label Beyonce Records and has signed the popular Kwaito group Queens of Dance.
Police spokesman Captain Jackson Manatha said the two were arrested last week Thursday by the Mthatha Commercial Crime Unit in Johannesburg.
“The men are linked with a fraud case that involves millions of rands after hundreds of people came to complain to the police that they had invested their money with Uphill General Consultants Investment and they were not paid what was due to them as they were supposed to be paid after a certain period,” Manatha said yesterday .
The victims of the scam started complaining last year.
“Victims invested huge amounts of money and were promised that their monies would double after a period of time but this was an empty promise as they were not paid back,” added Manatha.
More victims were asked to come forward in order for the Asset Forfeiture Unit to process the legal claims.
More than R85-million was reportedly implicated in the alleged fraud case.
One of the victims, 70-year-old Mzuvukile Mabentsela from Butterworth said: “I invested R100000 in the business and I got some money back. However the problem started last year in August. In my neighbourhood the business had grown and over 100 members joined in.”
Mabentsela said in his community they suspected about R30- million was lost in the scam.
Another victim, Malibongwe Mazinyo, said he invested more than R400000 in the business.
“We need people to stand up for their lost monies and make sure the perpetrators pay for stealing our money ,” Mazinyo said.
The two will apply for bail in court next Monday . —
Investors lose millions in national fraud scam
The scam reportedly started in 2007 and hundreds of people including pensioners, civil servants and business people invested millions of rands in Uphill General Consultants Investment believing it was listed on the Johannesburg Stock Exchange.
The alleged mastermind of the scam and director of the company Kwazi Joshua Mpumlwana was arrested together with his portfolio manager, Zimbabwe national Phanuel Tashaya Kayde.
The two appeared before the Butterworth Magistrate’s Court on Monday.
Mpumlwana, known also as DJ Kwazee, is also the owner of the music recording label Beyonce Records and has signed the popular Kwaito group Queens of Dance.
Police spokesman Captain Jackson Manatha said the two were arrested last week Thursday by the Mthatha Commercial Crime Unit in Johannesburg.
“The men are linked with a fraud case that involves millions of rands after hundreds of people came to complain to the police that they had invested their money with Uphill General Consultants Investment and they were not paid what was due to them as they were supposed to be paid after a certain period,” Manatha said yesterday .
The victims of the scam started complaining last year.
“Victims invested huge amounts of money and were promised that their monies would double after a period of time but this was an empty promise as they were not paid back,” added Manatha.
More victims were asked to come forward in order for the Asset Forfeiture Unit to process the legal claims.
More than R85-million was reportedly implicated in the alleged fraud case.
One of the victims, 70-year-old Mzuvukile Mabentsela from Butterworth said: “I invested R100000 in the business and I got some money back. However the problem started last year in August. In my neighbourhood the business had grown and over 100 members joined in.”
Mabentsela said in his community they suspected about R30- million was lost in the scam.
Another victim, Malibongwe Mazinyo, said he invested more than R400000 in the business.
“We need people to stand up for their lost monies and make sure the perpetrators pay for stealing our money ,” Mazinyo said.
The two will apply for bail in court next Monday . —
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