The founder and MD of alleged Ponzi Scheme Profit Trading has been arrested. Spokesperson for the Directorate For Priority Crime Investigation, Brigadier Hangwani Mulaudzi, has confirmed to Moneyweb that Ndlovu was taken in to the Sandton Police Station on Thursday evening.
The arrest was the result of action by a group of investors who had apprehended Ndlovu at a hotel in the area. When he was unable to offer any explanations as to what had happened to their money, they refused to let him leave until the police came to question him.
Moneyweb understands that Hawks investigator, Captain Z B Sithole, who is handling the Profit Trading case arrived on the scene and asked Ndlovu to explain the transactions that had taken place in his company’s accounts. When he was unable to provide satisfactory answers Ndlovu was arrested and taken to the Sandton Police Station.
One of the investors who was instrumental in finding and accosting Ndlovu told Moneyweb that he had been willing to do whatever it took to find Ndlovu and see that he was held accountable. He had personally put R3 million into the scheme.
“I’ve got a lot of money involved this thing,” he said. “Even if I don’t recover a penny, he must pay for it. You can spread the news that the culprit has been busted.”
He encouraged anybody who had lost money to come forward and provide the Hawks with further information.
“With commercial crimes, the punishment must match the amount involved,” he said. “So the more people that come out we can quantify how much we are talking about.”
Anyone with further information should contact Captain Z B Sithole at the Special Commercial Crime unit in Johannesburg Central.