Fri. Oct 18th, 2019

Undercover Billionaires scheme founders sought by Hawks for fraud

fraud court fraudulent free state sex offendersPolice have issued a warrant of arrest for the parents.

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The family that founded Undercover Billionaires International, a capital investment scheme, is being sought by the Hawks for crimes related to fraud.

On Monday, Gauteng police issued a statement noting that they have released warrants of arrest for Louis Jacob Tshakoana and his wife, 55-year-old Komane Suzen Tshakoana.

Undercover Billionaires International exposed as pyramid scheme

This relates to an ongoing investigation into a similar case that the couple’s son, Louis Junior Tshakoana, is involved in.

The young Tshakoana handed himself over to authorities in March 2018 after he was accused of running a pyramid scheme (Undercover Billionaires) which swindled investors more than R20-million.

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It is alleged that the Tshakoana would lure investors into injecting thousands of rand into shoddy portfolios that would produce great returns.

As unrealistic as this was, police believe that the youngster managed to sway enough unsuspecting victims to feed millions into the multimillion-rand pyramid scheme.

Tshakoana parents considered as wanted suspects

According to police spokesperson, Captain Ndivhuwo Mulamu, further investigation into the case unravelled a connection to Tshakoana’s parents.

“It is alleged that between 2014 and 2018, the Tshakoanas, persuaded unsuspecting funders around the country to bankroll an alleged illegal investment scheme known as Undercover Billionaires.

“Further investigations revealed that the family’s company was not registered with the Financial Sector Conduct Authority (FSCA). Investors were lured with promises of higher than normal returns on their capital which they ultimately lost,” Captain Mulamu revealed.

The police confirmed that if the family does not hand themselves over to authorities, they will be considered fugitives.

The young Tshakoana is currently out on R70 000 bail and is expected to appear in court on 6 June.

Captain Mulamu implored anyone with information on the Tshakoana family’s whereabouts to authorities. He assured that “information provided will be treated with the strictest confidentiality.”

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