Celebrity fi­nancier de­nied bail

The Star Early Edition - - NEWS -

A CELEBRITY FOREX TRADER who al­legedly swin­dled in­vestors out of mil­lions has been de­nied bail in Joburg’s Spe­cialised Com­mer­cial Crime Court, the Hawks said yes­ter­day. Spokesper­son Cap­tain Ndi­vhuwo Mu­lamu said Ntokozo Myles Ndlovu was ac­cused of run­ning a R5 mil­lion fraud in­vest­ment scam through which he lured un­sus­pect­ing in­vestors to pay R10 000 to R500 000 with the prom­ise of high re­turns. “Ndlovu failed to hon­our his part of the deal. In­vestors be­came sus­pi­cious when he cut all com­mu­ni­ca­tion ties with them, be­fore ab­scond­ing with their money. “The Hawks have been on his trail since the be­gin­ning of the year,” Mu­lamu said. The 34-year-old was ar­rested at a Sand­ton ho­tel last week af­ter he was tracked down by an­gry in­vestors. They re­fused to let him go un­til he ex­plained where their money was. He was ar­rested the same day. In­vestors had pumped money into Ndlovu’s com­pany, Profit Trad­ing. Ndlovu is also a cel­e­brated forex trader and had been in­ter­viewed on me­dia plat­forms. – ANA


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