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.”