Njabulo Nkomo (49) accused of masterminding a quarter of a million rand investment scheme fraud has been remanded in custody by the Palm Ridge Specialised Commercial Crimes Court on 10 March 2021.
Nkomo was arrested in Krugersdorp by the Hawks’ Serious Commercial Crime Investigation in Johannesburg after he allegedly lured a potential investment banker to invest R250 000-00 into his Isibaya Group investment scheme with assurances of high interest returns.
The investor allegedly made transactions after a presentation at a restaurant in Forest Hill shopping Centre in June 2017 and he never received the dividends as promised.
The matter was escalated to the Hawks in October 2018 and investigations resulted in Nkomo being charged for the alleged fraud.
The case is postponed to 17 March 2021 for a formal bail application and further investigation.
