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Flashy director of KZN forex company arrested and charged on 194 counts of fraud

The director of a forex company, which operated predominantly in northern KwaZulu-Natal, has been arrested and charged on 194 counts of fraud, theft and the contravention of various financial acts.
Multimillionaire and director of Born Rich Group, Prince Nkosinathi Mazibuko, 28, handed himself over to members of the Hawks’ serious organised crime unit in Pietermaritzburg on Thursday after being served with a summons.
Hawks spokesperson Capt Simphiwe Mhlongo said Mazibuko faced 194 counts of fraud, theft, contravention of the Bank Act, contravention of the Financial Institutions Act, and contravention of the Financial Advisory and Intermediary Services Act.
“During May 2015 and June 2015, Mazibuko allegedly lured victims to invest their money in his company. He allegedly assured them that they would receive a monthly return of 80% of their invested capital. However, Mazibuko never paid the promised monthly returns or the interest back to the complainants.
“The total value involved is R735,000.”
Mhlongo said a case of fraud was reported at Pietermaritzburg police station and the case docket was allocated to the Hawks members from Pietermaritzburg serious commercial crime unit for investigation.
Mazibuko is known for his flashy, luxury lifestyle. His Instagram profile is littered with pictures of high-end vehicles and pictures of himself donning expensive clothing.
He is expected to appear in the Durban specialised commercial crime court on February 26.