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Alleged Profit Trading scammer arrested

Myles Ndlovu has been taken in by the Hawks after being apprehended by aggrieved investors.

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. 

Myles Ndlovu before his arrest

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This crook must be squeezed! I need my MONEY! And he must ROT! Stupid turd!

No- he was quite clever. He was clever enough to scam you out of your money. So who is the fool here?

He is a criminal for sure, but so is every ANC counselor and politician, and the majority still vote for them. So, who are stupid – the voters, or the criminal gang in Luthuli House? This guy did not cause a fraction of the financial damage caused daily by the ANC.

“Stupid turd”

Would that refer to Ndlovu

or to yourself?

people need their money his assets must be sold and pay every investor their capitals without any profit..people invested with hard earned cash ..MONEY MUST BE PAID TO PEOPLE!!!

Have a look at the promises on their website. I feel pity for those that have lost money but you have to do your research and with promises like 100% ROI, you know something is not right.

Where have the regulators been? Why aren’t they protecting the public from obvious scams like these? They should be held accountable too!

With this attitude there will never be accountability and responsibility taking by Joe Public.

There need to be fewer regulators.

I’ve got to agree with some of the comments already posted. Where the heck have these “investors” been hiding? Surely you must have been reading or hearing SOME reports over the past decade or so pertaining to scamsters and/or PONZI schemes?

I have to ask how the chap who gave this crook R3 million made his money because participating in this sort of scheme screams IGNORANCE/STUPIDITY at me and whilst I sympathise with anyone who lost money here, I cannot but mention the GREED factor. If you’re willing to throw so much money at what is so obviously a seriously dubious scheme, I have to question your level of common sense and also not feel too sympathetic about your loss. . .

The question of the lack of action by the authorities has raised its ugly head once again. My understanding of this matter – as explained by the FSB many years ago – is that if the scamster is NOT registered with the FSB and therefore has no FSP reference, then they are powerless to investigate the matter until it is virtually too late. I stand to be corrected regarding that statement, but whatever the true reason is, it’s rather frustrating that the FSB apparently can only take action against those participants in the financial services industry who, by-&-large, actually follow the “rules” and the REAL crooks literally “get away with murder”.

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