A 28-YEAR-OLD man has been convicted and sentenced for fraud.
Lebogang Maboea appeared before the Bethlehem Commercial Crimes Court on Friday, 17 May.
Hawks Free State spokeswoman, said Maboea defrauded people through his investment scheme called Black Child Billionaire between 2018 and 2019.
"He recruited community members in eastern Free State by persuading them to invest money into the scheme and promised that they would get 50% interest in 30 days. None of the people who invested got paid. As a result, a fraud case was opened against Maboea," said Matoti.
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She said the matter was handed over to the Hawks' Serious Commercial Crime Investigation in Bethlehem for further investigation.
"Maboea was sentenced to three years direct imprisonment for seven counts of fraud, two years imprisonment, which is suspended for five years, for seven counts of contravention of the Banks Act, two years imprisonment, which is wholly suspended for five years and for 13 counts of contravention of the Financial Advisory and Intermediary Services Act. The sentences will run concurrently," said Matoti.
Hawks Free State head, Major-General Mokgadi Bokaba welcomed the sentencing and commended the investigating officer for sterling work.
