Sandile Shezi, Jabulani Ngcobo and 2 Other Young South African "Millionaires" Who Turned Out to Be Frauds
Fraudsters, who have unattainable dreams of being young and rich, will stop at nothing to catch their next victim. They live opulent lifestyles and tell unsuspecting people they could also get rich if they invested in their forex trading businesses, but that is a lie.
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Briefly News looks at young South African "millionaires" and "billionaires" who got rich by scamming their clients.
1. Sandile Shezi
Sandile Shezi first caught the eyes of South Africans when he jumped on the rising popularity of Forex trading. The 29-year-old used his social media pages, mostly Instagram, to flaunt his fancy lifestyle, over-the-top luxury cars, and expensive clothes.
Shezi was 23 years old when his name became associated with financial success. He was recognised as a risk taker and a millionaire who came from humble beginnings in Umlazi, KwaZulu-Natal.
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In an interview with CGTN Africa, the self-proclaimed millionaire stated he decided to invest the money in forex trading instead of paying his tuition as his parents instructed him.
Shezi told the channel he started by trading online through Standard Bank. By the age of 23, Sandile had risen so far up the financial ranks he was being regarded as the youngest South African millionaire.
Shezi's success not only inspired people around him but also inspired him to co-found Global Forex Institute with fellow controversial forex trader George van der Riet.
The company promised students they would gain knowledge of forex trading, learn how to analyse markets, and they would also get the opportunity to earn money as traders and investors, according to Tradefx.
However, News24 reported that Van de Riet was not a clean businessman, and in 2011, he was convicted and served time for various crimes. A few years later, Shezi's own troubles with the law began, and in 2021, a warrant of arrest was issued for defrauding investors.
The self-proclaimed millionaire was accused of scamming his clients of millions.
According to SowetanLIVE, Shezi was accused of defrauding his business partner Allan Ledwaba of R500 000. Ledwaba said he invested that money, hoping to get a huge payout in 2018.
Shezi also defrauded a former Limpopo based-principal of R1.2 million and recently said he would repay the money in weekly instalments of R10 000, according to City Press. The school principal said he met Shezi during one of his seminars at Meropa in Limpopo.
He said Shezi convinced him to resign from his job so he could cash out his pension money and invest it in his company.
The Sandile's troubles became more glaring when Angela Mabena accused the forex trader of defrauding her of R200 000. He was slapped with more charges and arrested again in 2022.
Mabena told City Press the money she used to invest in Shezi's company, Global Forex Institute, was given to her by relatives who all expected to get great returns.
She added that Shezi promised to pay them back and even made them sign a contract stating they wished to stop investing in his company and wanted a full refund.
Shezi continues to face legal charges, and it is yet to be seen if he will serve any time for his alleged fraudulent behaviour.
2. Jabulani "Mr Cashflow" Ngcobo
Jabulani Ngocobo, known as Mr Cashflow, became a South African sensation when he started flaunting his glamorous riches on Instagram.
How did he get wealthy?
Ngocobo was a forex trader who just knew the game better than most.
Ncgobo lived the "high life" and wore expensive clothes, drove fancy cars, travelled to sought-after destinations and did everything else akin to living the life of a millionaire.
At some point, SA Shares dubbed the now convicted fraudster as the youngest and richest forex trader in South Africa.
According to IOL, Ngcobo claimed to be a self-made millionaire and ran his own company, Cashflow Pro. He also published a book called Cashflow Naked, which spoke about his life story and his successful journey as a forex trader.
In 2018, an Angolan businessman Francis Boole accused Ncgobo of fraud and laid criminal charges against him in Johannesburg. Boole stated that Ngcobo defrauded him of R100 000, which he had invested in his forex trading business.
Ngocbo was acquitted of those charges, and he threw a lavish party that cost R1 million to celebrate. Mr Cashflow ended his celebration by taking a trip to the French Indian Ocean island Reunion.
Ngcobo's fun came to a halt when he was finally convicted and sentenced to six years imprisonment for fraud related to his business in 2019, according to The Citizen.
The fraud charges related to a matter that had been before the court since 2014. He was convicted alongside his business partner Mzabalazo Welcome Dlamini.
The duo received a two-year suspension on their six-year sentence, and they were also slapped with a R200 000 fine that was wholly suspended for five years.
Ngocobo and Dlamini were investigated by the Financial Advisory and Intermediary Services (FAIS), who found they misrepresented themselves and claimed to be authorised financial services providers that could trade forex on behalf of their clients.
Soon after the duo started serving their sentence at the Westville prison in KwaZulu-Natal, they appealed their four-year prison sentence.
Ngocobo's conviction was a happy moment for many people who shared their experiences with the fraudster on social media. Despite his conviction, Ngcobo is still living the "high life".
In April 2022, he threw a lavish baby shower for his wife, Tumi Links, at the Westcliff Hotel, and A-list celebrities such as Connie Ferguson, Lasizwe, Ayanda Cwane, Sophie Ndaba, and Shauwn “Mamkhize” Mkhize were on the guest list, according to SundayWorld.
The couple welcomed a baby girl a month later.
3. Mandla Lamba, South Africa's fake billionaire
By the time he was 25 years old, Mandla Lamba had been referring to himself as South Africa's youngest billionaire.
Lamba's billionaire status was reported on in the media, and he claimed to have acquired his supposed wealth through investments and mining assets.
Lamba's story of humble beginnings was inspirational, and seemingly overnight, he became the poster child of success and black economic empowerment, according to Forbes.
The self-proclaimed billionaire stated he had gold, diamond and manganese mines in South Africa, Zambia and Congo Brazzaville.
Lamba also stated that his mining assets were all under a holding company called East American Resources.
Lamba's lifestyle was flashy and over the top. As a "billionaire", he had three bodyguards to protect him. He spent his money on the most luxurious cars, and he would spend R50 000 a night at Johannesburg's most glamorous nightclubs.
Lamba would tell any media house that would listen how awesome his life was and about his close ties with President Cyril Ramaphosa. He rose to the ranks and was even regarded as an "expert" in his field.
He boasted about having billions in his bank account and even claimed that Investec Bank offered him a directorship, which he turned down.
Lamba said he told the exclusive bank that he was too busy. However, Investec refuted his claims, and that is when investigative journalists started questioning Lamba's credibility in 2011.
It was found that Lamba was involved in online scams and was the mastermind of other fraudulent dealings, and that is how he financed his over-the-top lifestyle.
He was also a wanted man for culpable murder, fraud and theft.
Lamba defrauded his three bodyguards and taxi drivers under the guise that he would buy them new taxis. The taxi drivers stated that they paid large sums into Lamba's account, and he disappeared with the funds.
According to City Press, Lamba was finally arrested for his crimes and even served time.
In 2021 Lamba was back with another scam, and this time, he had his buddy TV-personality Somizi Mhlongo supporting him and promoting his latest scheme, according to News24 Business.
On Instagram Live, Somizi introduced Lamba as a "doctor" despite his fraudulent doctorate. The celebrity told his followers about a "special" on shares at Lamba's company.
Lamba told Somizi's followers that his company, Agilitee planned to produce four models of electric bikes, including one that would be named after Somizi. He claimed that Agilitee is the first electric vehicle manufacturer from Africa "to go to market."
He offered Somizi's followers a piece of the pie and said he was selling shares worth R50 000 for just R5 000. Lmba said investors needed to pay just 10% of that amount, and the rest would be covered by dividends.
Somizi was later criticised for promoting a scam and told news publications that while he knew Lamba was a convicted criminal, he was rehabilitated and everyone deserved a second chance.
The TV personality added that he also does not do thorough checks on the companies that hire him as an influencer.
Lamba also said he had the support of Absa and Capitec Bank, which turned out to be a lie. Lamba claimed that Captiec Bank agreed to provide instalment credit to people who wanted to buy his R48 000 electric bikes, and Absa bank would finance Agilitee franchises.
4. Louis Junior Tshakoane
Louis Junior Tshakoane, son of former Kaizer Chiefs public relations officer Louis Tshakoane made a huge name for himself as the founder of Undercover Billionaires International.
Tshakoane had an interesting backstory to his success which involved famous entrepreneur Richard Branson. He claimed that he was already a millionaire by the time he was 15 years old because he received a sponsorship from Branson.
Tshakoane said he was inspired by Branson and one day decided to write him a letter. Branson allegedly loved the letter so much that he offered him R2 million worth of gym equipment for his local fitness centre, Botho Gym and R500 000 to renovate the gym, according to Soweto Urban.
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He also claimed that Branson was at the relaunch of the gym in Soweto, but there is no evidence of it.
However, Tshakoane's main line of business was forex trading and at the age of 30, he launched a book called Forex Millionaires In 365 Days By God’s Grace. He lived a glamorous life and even flaunted his wealth on a TV show called the Rich Kids of Mzansi.
Tshakoane was arrested in 2018 and charged with multiple counts of fraud amounting to R22 million. According to SowetanLIVE, investigators got wind of Tshakoane's shady dealings after one of his victims complained to the police.
This prompted more people to come forward and share their misfortunes at the hands of the Undercover Billionaire International founder.
Andile Mayisela accused Tshakoane of defrauding him of R300 000 with the promise of a 25% return on his investment.
In 2019, Tshakoane's father and wife Komane were linked to the Undercover Billionaire scheme. The couple went on the run just as the Hawks were about to arrest them and had trouble locating them.
Their victims have since lost hope they would ever get their money back.
"I have given up that they will find them. I have let it go. I don't know why they can't find him. I have decided to move on," said Nikiwe Lekola, who invested R1 500 in the scheme.
Young and stinking rich: 5 Entrepreneurs who prove making millions isn’t just for the madalas
Briefly News previously reported that the richest men in South Africa could retire - not just because of their nett worths, but their age as well. Johann Rupert, SA’s wealthiest man, is already 71 years old.
He is followed by Nicky Oppenheimer, who clocks the age meter at 76. In fact, not one of the top 10 richest people in South Africa is younger than 57.
These men spent their entire lives building their empires, but not all wealthy people in the country qualify for senior citizen parking
Mzansi has several individuals who already made millions before the age of 35. Some of them haven’t even celebrated their 30th birthday yet.
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Source: Briefly News
