THE alleged mastermind behind the Phuthaditjhaba "Black Child Billionaire" fraud scheme, Lebohang Ernest Maboea (27), is still on the run.
Maboea has been on the run since being released on bail in 2021.
His co-accused, Neo Patrick Makhokolo (29), was handed a heavy sentence by the Bethlehem Commercial Crimes Court on Friday, 11 August.
Makhokolo was found guilty of fraud, contravention of the Banks Act 94 of 1990, violation of the Financial Advisory and Intermediary Services Act 37 of 2002, and money laundering.
The court heard that between 2018 and 2019, he and his co accused used a fraudulent company called Black Child Billionaire to scam vulnerable investors around Phuthaditjhaba in the Free State.
Police spokesman Lieutenant-Colonel Zweli Mohobeleli said a handful of residents joined with the promise of an interest rate ranging between 25% and 100% in just a month.
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"Four known victims lost a cumulative amount of over half a million rand. They reported the matter when their return on investment was not forthcoming," said Mohobeleli.
Mohobeleli said Makhokolo was sentenced to four years imprisonment suspended for five years on three counts of fraud, four years imprisonment suspended for five years on three counts of contravention of the Banks Act, four years imprisonment suspended for five years on three counts of contravention of the Financial Advisory and Intermediary Services Act, as well as five years' imprisonment suspended for five years on three counts of money laundering.
"He has also been ordered to repay one of the victims R18 000 in instalments of R1 500," Mohobeleli added.
