Undercover Billionaires founder Louis Tshakoane Junior arrested for running a R20 million pyramid scheme

Undercover Billionaires founder Louis Tshakoane Junior arrested for running a R20 million pyramid scheme

- Louis Tshakoane Junior appeared at the Johannesburg Specialised Commercial Crimes Court on Tuesday

- Tshakoane was arrested for allegedly running a R20 million pyramid scheme

- He was arrested last week and remains in police custody

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Former Kaizer Chiefs spokesperson Louis Tshakoane’s son was arrested last week on charges of fraud, Louis Tshakoane Junior remains in police custody.

Tshakoane Junior is alleged to have been running a pyramid scheme which has defrauded its investors of around R20 million.

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Tshakoane Junior appeared at the Johannesburg Specialised Commercial Crimes Court on Tuesday, his legal team requested that the matter is postponed until next week Friday.

Briefly.co.za gathered that Tshakoane Junior is the founder of Undercover Billionaires International, he is thought to have sweet talked people into investing in the enterprise which began making waves after he appeared on the TV show ‘Rich Kids’.

National Prosecuting Authority (NPA) Gauteng spokesperson Phindi Mjonondwane said Tshakoane Junior had been charged with fraud, money laundering and contravention of the Banks Act.

Mjonondwane said: "This case was initiated by a complaint from one person. Other investors got wind of the complaint and also came forward. There are about 500 counts and the estimated amount is R22-million."

She noted that Undercover Billionaires International had been established in 2016.

Last year Tshakoane Junior was accused of luring an investor into making a R300 000 payment to the company with a promise of 25% return on investment.

On the business’s website, Tshakoane Junior calls himself the president of the company which he describes as the ‘world’s most exclusive international business awards ceremony and professionals network’.

The company claims to have access to more than 50 000 aircraft and 130 different aircraft types to provide the discerning business professional with the means to maximise their time and efficiency.

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Source: Briefly.co.za

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