Connect with us

Hi, what are you looking for?

Local

Self-styled millionaire “Cashflow” Ngcobo appeals 6 year jail sentence!

After swopping famous labels such as Louis Vuitton and Gucci for orange prison overalls, Jabulani “Cashflow” Ngcobo’s troubles worsened as more complainants demanded that cops finalise other outstanding cases.

The self-styled millionaire, who regularly flaunted his wealth and high life on his Instagram pages by posting expensive shoes, cars and homes, and claimed to have made his money through his foreign exchange business called Cashflow Properties, can now add the title of fraudster to his CV.

The 33-year-old was found guilty of fraud by the specialised commercial crimes court in Durban on Tuesday for a case that has been running since 2014.

Ngcobo, together with his best friend and business partner Mzabalazo Dlamini, started serving their four-year sentence at Westville prison after they defrauded clients through their business.

His incarceration left other victims wondering if there will be any breakthrough in their own matters.

Francis Boole, who was allegedly defrauded of R100,000 by the infamous trader, said he wished his case would be followed up while “Cashflow” was serving jail time.

“All I need is my money back, there’s a captain who called me on Tuesday to bring [my] proof of payment [of the money he claims to have deposited into Cashflow’s business],” he said.

Boole, who registered a case with the Sandton police, said the convict promised to invest the amount from December 2017 and that he would see results from March last year. Instead his account depreciated.

Another client, Mkhulisi Ngubane, said Ngcobo referred him to another trading company after he had already given him money. He did not disclose the amount.

“When I wanted to withdraw, he went AWOL,” he said.

Ngubane registered a complaint with the Financial Sector Conduct Authority (FSCA).

The FSCA this week released a statement commending the successful conviction of the duo.

“The FSCA welcomed the successful prosecution and sentencing of Jabulani Ngcobo and Mzabalazo Dlamini on several counts of fraud and contravening section 7(1) of the Financial Advisory and Intermediary Services Act.”

One of the closest friends of “Cashflow”, who wants to remain anonymous, said his arrest and conviction was a sad time for his girlfriend and two kids. He quickly added, however, that he always knew that his friend would be caught.

“If this was a proper business then there would be someone to take care of it. Whatever is legit holds firm even when the owner is not there,” he added.

In his 264-page biography called Cashflow Naked, written by Soweto Mandlanzi, Ngcobo boasted about his bling lifestyle, insisting everything he touched turned into gold.

“In the garage, the Porsche together with the Austin-yellow BMW-M4 are parked. Due to space, Soweto [the writer] parks his exquisite Audi outside the premises, parking next to the black BMW X6,” goes a paragraph from one of the chapters.

NPA spokesperson Natasha Ramkisson-Kara confirmed the two were in custody.

“The accused made an application for leave to appeal their sentence and it was granted. The matter will be back in court tomorrow to determine whether they should be released on bail.”

Latest

Local

Sizwe Dhlomo hit back at AKA trying to mock him on Sunday and didn’t mince his words. Taking to Twitter, the “Newzroom Afrika ”...

Local

Hip hop star AKA has accused Reebok SA of not paying him for his collection of the Reebok SneAKA. AKA went on Twitter to tell fans, who were asking...

Local

Metro FM presenter Lerato Kganyago‘s two months marriage to her husband Thami Ndala is over. Ndala and Kganyago have parted way after their much...

Local

What we know is that the viewers can’t wait to see the return of their favourite, Shaka who was killed, and they are hoping...

Local

Popular TV presenter and actress Dineo Langa (nee Moeketsi) has been dumped from The Queen, allegedly after asking for a three-month break to shoot...

Local

Veteran Sky Sports and Premier League Productions commentator Jim Beglin gave football-loving Zimbabweans a reason to smile when he surprised them with a greeting...

You May Also Like

Music

Hype Avenue got hold of the award-winning Afro-pop singer Zamajobe to discuss her upcoming reloaded tour which will be debut in the famous Bassline...

Celebrity News

After trending on South Africa’s Twitter for three days, Pulane Lenkoe, the girlfriend of Orlando Pirates midfielder Thandani Ntshumayelo, has spoken out about her...

Celebrity News

TALENTED Uzalo actress and musician, Thandeka Zulu has been allegedly fired. This after the starlet, who plays Nombuso in the SABC1 popular telenovela, was...

Celebrity News

Cape Town – Mariah Carey was questioned about her billionaire ex-fiancé James Packer in a recent interview and her response is so Mariah Carey....