Investors battle for refunds
Police investigate as brains behind various schemes live it up
EAST London police have urged complainants to come forward as they investigate a massive investment scheme from which investors are battling to get their life savings – possibly totalling millions of rands – returned.
The Dispatch has seen about 90 bank transfers and deposit slips valued at between R5 000 and R200 000 each into three different bank accounts, purporting to be those of the investment scheme. The 90 slips total R1.16-million. The main complainant in the police case believes there are over 1 000 investors.
The brains behind the scheme, according to the complainants, are East London high fliers Mandisa Kobe, her brother Luyanda and their friends Yonela Ntanjana and Nonyameko Manzi, whose Facebook pages confirm they are living large, with pictures of them driving a classy Mercedes Benz C300 Cabriolet valued at R900 000 and sipping champagne at an upmarket hotel in Cape Town.
The group deny they have swindled any funds.
Among the complainants are a former head of a state department who invested R50 000, a former social development employee who invested R190 000 and a former teacher who invested half a million rand.
East London police spokeswoman Warrant Officer Hazel Mqala confirmed that they were investigating a case of theft.
“We can confirm that a case has been opened and we call on others who have a problem to report,” said Mqala.
The investment scheme began last year when hundreds of people were recruited to join what was known as iMarketLive, an international trading tool which, according to its website, helps traders “make the right decisions in the Forex and future markets”.
To become a member of iMarketLive, “investors” had to buy a special software package online valued at between R1 700 and R2 400 to activate their membership. Thereafter members were asked to pay R1 900 monthly subscription fees.
The Dispatch tracked down 10 complainants in East London alone, all of whom are feeling duped.
Sipho Nonyongo said Kobe later introduced a new scheme called 5% Stokvel to assist members who were struggling to raise the R1 900 monthly fee. This was later changed, with Kobe saying the money would be moved to Bitcoins.
But to date, said Nonyongo, more than 1 000 investors have been left high and dry.
“We know of people who invested money on behalf of others and when people wanted to pull out, they were given all these excuses and told that their money was now invested in Bitcoins. “When people demanded their money back, it was all excuses.
“Mandisa [Kobe] has even switched off her phones and we understand she ran to Durban,” said Nonyongo.
Another victim, Nosnce Damane, said she had assisted others to join the scheme and now Kobe should come and account.
“I invested a lot but I think these people should be given a chance to tell us what happened with our money,” said Damane.
Nonyongo said what made him angry was seeing pictures of the founders of these schemes flaunting pictures on social media of the “high life” they are living while their investors have lost their hard-earned cash.
“We see these pictures and we are told about what they’ve bought. They are living a high life while we suffer,” said Nonyongo.
The complainants say Kobe used the money to buy herself a house in Umhlanga Rocks in Durban, and Ntanjana in Kidd’s Beach. Contacted for comment, Ntanjana denied buying a new house using the investment.
“I bought my house before this. These people lied to you. This matter is sensitive and I don’t want to comment more on this. The truth will come out in court.”
Luyanda Kobe refused to comment saying the matter was sub judice.
“I can’t comment but the people who came to the Dispatch must come with facts.”
Kobe could not be reached for comment.