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9 years prison term for a forex millionaire

Desires Nkosi, staff



JOHANNESBURG – It’s a developing story. A news circulating on popular social media platform Twitter is that Jabulani Ngcobo better known as “Cashflow” has been given an effective 9 years term for fraud related crimes and rumours had it that more charges are underway.

Ngcobo who is no stranger to controversy, was acquitted on similar charges in 2017, and in 2018 was alleged to have conned an Angolan national based in Sandton, Joburg, out of the moolah in a foreign exchange (forex) trade deal that went awry.

Francis Boole laid a charge of fraud against Ngcobo at the Sandton police station in 2018. This was confirmed by police spokesman Granville Meyer.

“The complainant alleged that he had a business deal with someone to do forex trading. He then opened an account with the person and got a PIN code that gave the person access to the account so that he can transfer the forex money into it. He gave the person R100000 to ensure he doesn’t lose his deposit,” Meyer said.

Ngcobo denied the allegation at the time and pointed out that a court set him free when he was facing similar charges in 2017.

Twitter has been set ablaze with many sharing their experience and encounter with the self proclaimed millionaire. “No wonder he hasn’t posted since, the boy can’t go a day without flaunting his possessions on Instagram” says a user. Cashflow, who has a verified Instagram profile with over 300 000 followers last posted on 18 April 2019.

Ngcobo, who has been spotted in the past with A-list of celebrities, including former home affair minister Malusi Gigaba, Minnie Dlamini-Jonas , Connie Ferguson, Somizi and controversial businesswoman Shawn Mpisane, launched his book last year ” Cashflow Naked”

Attempt to get a comment from Ngcobo was unsuccessful as his phone was on voicemail.

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