Lebohang Ernest Maboea, founder of Black Child Billionaire investment scheme, allegedly swindled investors of over half a million rand. Picture: Free State Hawks
Lebohang Ernest Maboea, founder of Black Child Billionaire investment scheme, allegedly swindled investors of over half a million rand. Picture: Free State Hawks

Black Child Billionaire founder nabbed for allegedly swindling investors

By Botho Molosankwe Time of article published Jul 20, 2021

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Johannesburg - A 25-year-old man believed to have started an illegal investment scheme then swindled investors of over half a million rand has been nabbed.

Lebohang Ernest Maboea, founder of Black Child Billionaire investment scheme, was arrested and charged with fraud, theft and money laundering after his victims claimed to have suffered a total loss of approximately R534 000.

Captain Christopher Singo of the Free State Hawks said allegations were that Maboea and the other suspect, who is still at large, were running an illegal investment scheme by the name of Black Child Billionaire between February 2018 and May 2019.

They allegedly told investors to invested their money with a promise of getting returns ranging from 25% to 100%.

However, the investors did not receive their money as agreed.

“The matter was then reported to the Hawks’ Hawks' Serious Commercial Crime Investigation in Bethlehem for further investigation which led to the arrest of Maboea in QwaQwa on Friday, July 16.

“He appeared before the Phuthaditjhaba magistrate on Monday, July 19 and his case has been postponed to July 26 for bail application,” Singo said.

In addition, a former Kaizer Chiefs football club spin doctor and his wife are wanted by the Hawks for their alleged involvement in an illegal multimillion-rand investment scheme called Undercover Billionaires.

Louis Jacob Tshakoane, 70, and his wife Komane Suzen Tshakoane, 55, were allegedly involved in the scheme in 2019. Between 2014 and 2018 the couple allegedly persuaded “unsuspecting funders” across the country to bankroll Undercover Billionaires.

The Hawks also said the family’s company was not registered with the Financial Sector Conduct Authority.

IOL

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