Wanted for stealing 'Cashflow'
Sunday World apologises to Jabulani Ngcobo for publishing harmful statements by two alleged victims Tom Ledwaba, who opened a case against him with the Pretoria North SAPS, and Ntutuzelo Maposela, without mentioning that they had later withdrawn their assertions. Their allegations, published in an article on March 20 2016 and headlined "Wanted for stealing 'Cashflow'", centered around Ngcobo having allegedly conned them out of money. We also erroneously reported that Ngcobo owned Cashflow Projects, instead of Cashflow Properties. Visit www.presscouncil.org.za for the Press Ombud's full finding.
One of Mzansi's self-proclaimed youngest millionaires is on the run after several cases of fraud were opened against him for allegedly fleecing innocent people of their hard-earned cash.
Jabulani "Cashflow" Ngcobo, an alleged bogus businessman from Durban, who is popular for throwing lavish parties and displaying his bling lifestyle on social media is now a wanted man.
According to his victims, Cashflow allegedly wooed them to his investment scheme by promising them mountains of returns if they invested their money with his companies Cashflow Project and Cashflow Equities.
Pretoria North police spokeswoman Riana van Aarde confirmed that they were in hot pursuit of the alleged conman and pleaded with the public to help.
Van Aarde said a case of fraud was opened against Cashflow but they were still to make an arrest.
"The case is still under investigation and we are still looking for the suspect. Anyone with information must contact Pretoria North SAPS," said van Aarde.
Cashflow (31) made headlines after throwing what he termed a R1-million birthday party in 2011, where it was reported that 250 guests, including local celebrities, enjoyed champagne, caviar, sushi and a spit braai at an upmarket hotel in Durban.
The Financial Services Board (FSB) told Sunday World that neither Cashflow Project nor Cashflow Equities were registered with them as required by the law.
"Kindly note that the company in question is not registered with FSB," said Tembisa Marele of FSB.
Cashflow, who poses next to super cars such as BMW X6, Porsche Carrera S 911, Mercedes Benz A45 AMG limited edition and Jeep Grand Cherokee on his Instagram page, said he was aware of the allegations against him.
"This matter has been brought to my attention. However, I am not at liberty to comment at this stage as this could jeopardise the current investigations since this matter is sub judice," said Cashflow.
Tom Ledwaba, a retired teacher from Pretoria North, said he invested R120000 from his early retirement money in Cashflow Project.
"I met Cashflow through his younger brother Skhumbuzo Ngcobo last year in April. I went to meet him at their offices in Randburg and I was asked to pay R10000 for training to be able to learn how to trade and watch my money grow. Jabulani said that if I invested R120000, I'll receive 10% interest per month, from which they would take their 3% commission. He gave me an FNB account number under the name of Knowledge-to-Trade for me to deposit into the money for training.
"I used my bank to transfer the R120000 into his FNB account under the name BetaFX247.
"This guy has run away with my money. I have been sending him messages since last year begging him to give back my money - even if it's without the 10% interest. The way he made my life a living hell, sometimes I drive through red robots.
"I decided to open a case of fraud in October last year after my lawyers told me that it will be difficult to serve Cashflow with court papers because I don't have his address and he has since moved out of his offices in Randburg," said Ledwaba.
Chairman of BetaFX247, Martin Lentsoane, the broker that Cashflow has been allegedly masquerading as his to harvest clients, told Sunday World that they had no relations with Cashflow.
"We were going to be his brokers but that never worked after we saw how he operates. Mr Ledwaba opened a trading account with us sometime last year. He sent us a proof of payment which had BetaFX247 as a beneficiary. However, upon verification we discovered the bank account number did not belong to us. We informed him of this error and as a result we could not process his withdrawal request.
"We advised him to open a fraud case against the responsible parties who had misled him into depositing funds into their bank accounts using the name of BetaFX247," said Lentsoane.
Another victim from Butterworth in the Eastern Cape, Ntutuzelo Maposela, said that he got interested in Cashflow Project when he saw it on the internet last year.
"I was very interested in trading and I called Jabulani for more information. He informed me that I needed to come to Joburg for training that will cost me R12 000. I attended the training at their offices in Randburg last year. After that I was told there was an investment opportunity that grows up to 70% in six months. Besides the trading, I invested R200000 in March last year into his company Cashflow Project.
"After six months I tried to call him to access my money but he failed to deliver, making excuses and promises that I'll get my money. I haven't got the money. I want that money including the interest he promised me. I have now opened a file with my lawyers to discuss a plan of action," said Maposela.
Seven victims from Soweto, who operated through a stokvel named Go Getters, told Sunday World that they were introduced to Cashflow by a friend who told us that Cashflow was a Forex Trading expert.
"We paid R12000 for the group training that we attended in Randburg, but never completed. Cashflow told us that if we invested R40000 it would grow up to R80000 after six months, and up to R160000 after a year. We deposited the cash in February last year. We were expecting a message of the transfer from our bank in March but nothing came forth," said one of the members.
"We have been trying to call, SMS and to e-mail him but he's ignoring us. Please don't use our names. We don't want to put our families at risk," added another Go Getter.