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Fake investment scheme mastermind convicted for fraud

The former CFO at Collins Chabane Municipality has been arrested on Thursday, 5 May 2022 for his alleged involvement in unlawfully investing municipal money with VBS Mutual Bank.

Sinethemba Sithole by Sinethemba Sithole
2022-06-17 13:54
in News
Court

Fake investment scheme mastermind convicted guilty - Image via SAPS

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Captain Lloyd Ramovha, police spokesperson, it is alleged that on 23 October 2017, Collins Chabane Municipality invested R120 million with VBS in contrary with the Municipal Finance Management Act.

READ ALSO: Woman found shot and killed in an alleged hit in Midrand

The erstwhile Municipal Manager, Charlotte Ngobeni has since been arrested on the same matter by the Hawks’ Serious Corruption Task Team members in March 2021 and released on R50 000-00 bail. Ngobeni will appear again on 9 May 2022.

The suspect is expected to make his first appearance in the Palm Ridge Specialized Commercial Crimes Court on Friday, 6 May 2022 for contravening the Municipal Finance Management Act.

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READ ALSO: Former KZN treasurer Sipho Shabalala found guilty of fraud and corruption

The Hawks Investigations with regard to VBS cases are at an advanced stage and a total of 27 suspects have been arrested so far. More arrests are imminent.

Tags: Charlotte NgobeniCollins Chabane MunicipalityVBS Bank
Sinethemba Sithole

Sinethemba Sithole

A flexible journalist that has acquired a lot of experience in a freelance capacity. I'm very fascinated by any storytelling that people may be curious about. Paying attention to all details of the news is my weapon to create the best content.

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