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Popular Forex Trader Accused of Scamming People Charged With 194 Counts of Fraud Involving R735k
Abstract：KwaZulu-Natal Hawks have arrested a popular forex trader on 194 charges ranging from fraud, theft, and contravening various financial acts to the tune of R735 000.
Prince Nkosinathi Mazibuko, 28, is accused of scamming people and getting them to invest in his company Born Rich Group (Pty) Ltd with the promise of an 80% monthly return.
“However, Mazibuko never paid the promised monthly returns nor the interest back to the complainants. The total value involved is R735 000.00,” said KZN Hawks spokesperson Captain Simphiwe Mhlongo.
On 194 different charges of fraud or theft, he is charged with breaking the Bank Act, the Financial Institutions Act, the Financial Advisory and Intermediary Services Act, and 194 additional statutes.
The Pietermaritzburg Serious Commercial Crime Investigation staff received the case docket after a case was initiated there. Mazibuko is accused of luring people in between May and June of 2015.
The Sandton police were looking for Mazibuko, who was 23 at the time, according to a 2017 Daily Sun story. There were claims that he had cheated individuals out of millions of dollars.
Young billionaire Mazibuko gained notoriety by flaunting his opulent lifestyle on social media. Since then, his Instagram has become private.
On Friday, February 26, 2021, he is scheduled to appear before the Durban Specialized Commercial Crime Court.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
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INZO is a fairly new company in the online trading world. It started in 2021 and is registered in Saint Vincent and the Grenadines. Traders in India and around the world have noticed this broker because it offers access to popular trading platforms such as MetaTrader 5 (MT5) and cTrader. It also lets you trade many different things, such as foreign currencies, stocks, and digital currencies. The broker tries to be easy to use with features such as a low minimum deposit, which can be appealing to new traders. However, when you look more closely, the situation becomes more complicated. INZO operates as an offshore-regulated company, which brings certain risks that every trader needs to understand. Also, user feedback is very mixed - there are many serious complaints alongside some positive experiences. Read on this in-depth review of the broker.
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Is Uniglobe Markets Legit? A 2025 Simple Guide to Its Safety, Services, and User Warnings
When traders ask, "Is uniglobe markets legit?" They want a clear answer about whether their capital will be safe. This simple guide for 2025 will give you that answer by examining the broker from every important angle. The most important thing we found is that Uniglobe Markets works without proper financial rules and oversight, causing serious risks. This review will carefully examine its legal status, look at confusing company information, explain its trading conditions, and share real user problems. When checking any broker, it's smart to use websites with detailed verification. Traders can find complete profiles and current warnings for thousands of brokers on WikiFX to help with their research. This article will show you the facts, so you can decide smartly based on evidence, not advertising promises.
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