ACCUSED BEHIND THE BLACK CHILD BILLIONAIRE INVESTMENT SCHEME SENTENCED

Photo: Lebohang Maboea

Supplied

By: Neo Ntsele

The accused behind the black child billionaire investment scheme Lebogang Maboea 28, appeared before the Bethlehem Commercial Crimes Court on Friday 17, where he was convicted and sentenced for fraud.  

The Provincial Head of the Directorate for Priority Crime Investigation in the Free State, Major General Mokgadi Bokaba, welcomed the sentencing and commended the investigating officer for sterling work. 

Maboea defrauded people through his investment scheme called Black Child Billionaire between the years 2018 and 2019.

He recruited community members in the Eastern Free State by persuading them to invest money into the scheme and promised that they would get 50% interest in 30 days.

None of the people who invested got paid. As a result, a fraud case was opened against Maboea. 

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The matter was handed over to the Hawks' Serious Commercial Crime Investigation based in Bethlehem for further investigation. 

Maboea was sentenced to three years direct imprisonment for seven counts of fraud, two years imprisonment which is suspended for five years for seven counts of contravention of the Banks Act, and two years imprisonment which is wholly suspended for five years for 13 counts of contravention of the Financial Advisory and Intermediary Services Act.

The sentences will run concurrently.