KWAZULU-NATAL – Durban Magistrate’s Court convicted and sentenced Zandile Mathebula (47), Khanyisane Ngema (50) and Linda Njoko (46) to five years imprisonment wholly suspended for five years on condition that they are not convicted of fraud or theft during the period of suspension.
The trio was convicted on 23 May 2019 for fraud amounting to R 4 654.000, in contravention of the Banks Act and contravention of the Financial Advisory & Intermediary Services Act 37/2002. The court found them guilty on 8 070 counts and they were sentenced on 6 January 2021. All counts were taken as one for sentencing.
The accused were running illegal investment schemes known as Inzuzo and Intuthuko around Ulundi in 2011 where they were promising investors huge returns. They were arrested by the Hawk’s Serious Commercial Crime Investigation team after a thorough probe. The court has additionally ordered that the convicted fraudsters undergo three years correctional supervision.