Caught in TikTok ponzi scheme

TikTok star Prishanta Sewpaul is due for another court appearance this month.

TikTok star Prishanta Sewpaul is due for another court appearance this month.

Published Mar 11, 2024

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Durban — A TikTok influencer, who allegedly played a role in what police believe was a ponzi scheme that drained millions from investors expecting returns from the sale of bulk fuel, will be back in court later this month.

Prishanta Roshan Sewpaul, who has a substantial following on various social media platforms, was arrested and charged with money laundering as investors’ deposits landed in her business bank account.

Sewpaul, 27, was granted R15 000 bail in the Verulam Magistrate’s Court on January 25.

She has a Master’s degree in psychology and is presently enrolled for PhD studies. She is well known for food and local restaurant reviews on TikTok.

Sewpaul’s relative, Letishya Nicolette Moses, 33, will be joining her in the dock at her next court appearance.

Moses allegedly played a prominent role in the mechanics of the scheme. She worked as a logistics manager for a company supplying fuel oil to shipping vessels, and allegedly devised the plan to attract investors on the premise they would be rewarded handsomely from bulk fuel sales.

Police believe Moses used church congregants to connect her to business people viewed as prospective investors.

Moses apparently told Sewpaul she was in financial distress, was making investments and needed to use her bank account for transactions.

Moses was arrested on January 18 when an investor, who is the complainant in the matter, reported her to the police.

The investor became suspicious when he did not receive delivery for the more than R2.3 million’s diesel in November that Moses had promised to source from a Ladysmith refinery.

Police understand that the complainant’s funds were used to pay dividends to smaller investors to lure them into upping their investments.

She was charged with fraud and money laundering and granted bail of R20 000 in a matter that is being investigated by the Directorate for Priority Crime Investigation (Hawks).

In an affidavit deposed by Hawks investigator Warrant Officer Sivan Naidoo, he said Moses allegedly told another collaborator that there was an opportunity to “make money” with diesel but she needed investors.

Moses, her collaborator and the complainant met at a Westville restaurant in November where the details of the sale were discussed.

Letishya Nicolette Moses accused of operating a ponzi scheme.

She apparently claimed to be authorised to broker the deal on behalf of a global multi-energy company.

The complainant deposited R2 316 600 into Sewpaul’s business bank account.

In terms of their arrangement, the complainant sent three trucks to the Ladysmith refinery to collect the diesel he supposedly purchased but was turned away because they did not have the required order notes from the energy company.

Moses travelled to Ladysmith on the next trip to ensure the complaint’s trucks received the required cargo, but they were refused once again.

While purporting to source the diesel for the complainant, once again, on December 4, Moses gave the complainant various updates, but eventually told him that she received information the diesel was contaminated.

The complainant approached Moses’s employers about the deal and was told they had no knowledge of it.

Moses’s company suspended her and she was arrested.

Naidoo said Sewpaul was arrested at her home in Durban.

“Her business account was used for all deposits and, in turn, transferred funds to other accounts.

“During the investigation, it was also established that there are other victims in the scam who invested in excess of R1.5m,” read Naidoo’s statement.

Earlier this year, Sewpaul’s business bank account was frozen.

In her bail statement prepared by her attorney, Avir Maharaj, Sewpaul said she had strong family ties and her livelihood necessitated that she remained in Durban.

“My continued detention will be detrimental as I will be unable to conduct my studies and hopefully make a success of my life.”

Sewpaul said she also required specialist medical treatment for a chronic health condition.

She promised not to evade her trial and obey reasonable conditions, if bail was granted.

Sunday Tribune