The Free State Hawks spokesperson, Christopher Singo, says the 36-year-old Moeketsi Ntshasa appeared before the Ladybrand Magistrate's Court earlier this week on several charges, including fraud and money laundering, contravening section 7 of the Financial Advisory and Intermediary Service Act, and the contravention of section 11 of the Banks Act.

Singo says the arrest of Ntshasa comes after the Hawks Serious Commercial Crime Investigation team, based in Bethlehem, released a statement to request assistance in locating the accused who can assist in solving a bogus scheme in Ladybrand. He says the police received the information that the accused was in Gauteng. Singo says the Johannesburg-based Hawks team followed up on the lead and arrested the suspect on Monday.

Singo adds that between 2018 and 2021, the victims allegedly invested their money into a company known as Integrated Investment Inn, with the promise that they will earn 10% interest within a period of thirty days. Singo says the victims did not receive their money as promised and the company is no longer at the premises it operated from in Ladybrand. 

According to Singo, the victims suffered a total loss of R10 million. Singo says the case against Ntshasa has been remanded to Tuesday 23 August 2022 for a formal bail application.

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