BOUNCES BACK IN A BIG WAY
Self-made millionaire Jabulani Ngcobo (31) is planning to throw a massive party after being found not guilty of charges of fraud, theft and money laundering. The case against the 31-year-old, who is known for his friendship with big businesspeople and throwing a R1 million birthday bash, was finalised at the Randburg Magistrates’ Court late last month.
Ngcobo, who is popularly known as Mr Cashflow, is now planning to sue the state for damages suffered by him and his business, Cashflow Pro.
Ngcobo and his business partner, Mzabalazo Dlamini, celebrated on the day of the judgment, taking a trip to French Indian Ocean island Reunion to mark the occasion.
“I’m happy that I’m a free man now. But this has not only ruined my reputation, it has also affected me emotionally, physically and financially,” Ngcobo told City Press this week.
Although Ngcobo and Dlamini forked out big bucks for their legal fees, Ngcobo insists that he is far from broke.
He still employs an in-house chef and owns several properties and luxury cars.
In 2011, the SA Reserve Bank reportedly appointed forensic auditors to investigate a suspected multimillion-rand pyramid scheme, Cash Flow Properties, owned by Ngcobo and Dlamini.
Ngcobo was investigated just after he splashed out an estimated R1 million for his 26th birthday party attended by celebs Khanyi Mbau, Dumisane Mbebe and Winnie Modise at the Coastlands Hotel in Durban, followed by a yacht cruise the following day. He was arrested in 2013. Two years ago, he threw a lavish 30th birthday bash in Sandton, attended by his friends, businessman Tim Tebeila, Mabala Noise boss and ANC Youth League leader Reggie Nkabinde, property guru Thato “TT” Mbha, TV presenter Somizi Mhlongo and actress Khanyi Mbau, among many others. “I am connected and close with powerful people.” Ngcobo has since kept a low profile. He says that since 2012, many people did not want to be associated with him or his business. “We are not running a pyramid scheme. Our company trains people how to trade on the stock exchange,” he says. Ngcobo says he won’t stop flashing his assets because he wants to inspire and give hope to young people who dream of living a good life one day. The flashy businessman grew up in a one-bedroom house in Clermont, Durban. He started a debt-collection company in 2006. Three years later, he branched into the stock market field and that’s how Cash Flow Properties was born. “I started this company because I wanted to be financially free. As black people we are still not financially free,” he says. Asked if he was still a millionaire, he says: “I’m a billionaire in the making.” He says that his parties are part of his marketing strategy to recruit more clients.