Connect with us

Life of A Trader

Forex Trader Louis Tshakoane Junior’s parents wanted by the Hawks for fraud

Phumzile Ngcatshe

Published

on

JOHANNESBURG – Latest media reports suggest that well known Forex Trader Louis Tshakoane Junior’s father and former Kaizer Chiefs Public Relations Officer, Louis Tshakoane, is in trouble with the law.

Reports surfacing on Monday indicate that Tshakoane senior and his wife, Komane, are both wanted by the Hawks for their part in an illegal investment scheme.

The erstwhile Amakhosi spin doctor and his partner are both on the run and the law enforcement authority has issued warrants of arrests for the pair.

According to the Hawks spokesperson, Captain Ndivhuwo Mulamu, the Tshakoanes allegedly lured unsuspecting funders between 2014 and 2018.

“It is alleged that between 2014 and 2018, the Tshakoanes, persuaded unsuspecting funders around the country to bankroll an alleged illegal investment scheme known as Undercover Billionaires,” said Mulamu as quoted by the Sowetan.

“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,” said the captain.

Tshakoane (70) and Komane (55) are wanted for their alleged involvement in an illegal multi-million rand investment scheme tagged ‘Undercover Billionaires’ which is owned by their son.

Moreover, Mulamu confirmed that the case was opened in July 2017 against the son’s pair, Tshakoane Junior and the Forex Trader subsequently handed himself over to the Hawks.

“He (Tshakoane Junior) subsequently handed himself over at the Johannesburg Hawks offices in March 2018, in the company of his parents and an attorney,” continued Mulamu.

“The matter was enrolled for court and Louis Junior was granted R70, 000 bail and the case was postponed to the sixth of June 2019, pending further investigation.

“Further investigations have implicated both his parents and when attempts were made to get them to account, it soon became clear that they were absconding, hence warrants for their arrest have been issued,” concluded the Hawks official.

In addition, the 29-year-old founder of Undercover Billionaires International was allegedly arrested in March this year for reportedly running a pyramid scheme which defrauded investors of more than R20-million.

According to the Sowetan website, Tshakoane Junior was charged with fraud, money laundering and contravention of the Banks Act.

Photo: Louis Tshakoane/Instagram

Phumzile is an experienced Journalist having launched his career in 2007. He has written for News24 Travel and a number of Football websites and publications covering the South African Premier Soccer League (PSL), African football such as the CAF African Cup of Nations and CAF Club competitions. He recently joined FX Magazine to offer more balanced and unbiased financial reporting.

Trending