Flashy 'Cashflow' Ngcobo accused of conning man in forex deal
Self-proclaimed millionaire and author Jabulani "Cashflow" Ngcobo is again facing fraud charges after he allegedly crooked another person out of R100000.
Ngcobo, who was acquitted on similar charges in January last year, is alleged to have conned an Angolan national based in Sandton, Joburg, out of the moolah in a foreign exchange (forex) trade deal that went awry.
Francis Boole laid a charge of fraud against Ngcobo at the Sandton police station last month. This was confirmed by police spokesman Granville Meyer.
"The complainant alleged that he had a business deal with someone to do forex trading. He then opened an account with the person and got a PIN code that gave the person access to the account so that he can transfer the forex money into it. He gave the person R100000 to ensure he doesn't lose his deposit," Meyer said.
Ngcobo, who recently launched his book, Cashflow Naked, denied the allegation and pointed out that a court set him free when he was facing similar charges last year.
"They [Boole and a friend] were supposed to attend training so that they will be able to navigate the platform and deposit or withdraw [money] any time but they kept postponing ... like three times. I recall that training was arranged and they didn't pitch, so I'm surprised today that they want to blame me for their negligence.
"I think they are just bitter, acting all like victims just to dent my reputation. But there is nothing new, same old tricks," said Ngcobo.
Boole said he registered in December last year and was supposed to see the fruits of his labour after three months.
"I wanted to withdraw $1000 but I couldn't. Then I realised there was something fishy. The following day I realised that I was losing money.
"I tried calling him but he
ignored me. I also sent text messages to him in which I requested that he pays me back but he did not respond," he said.
One of the messages seen reads: "Hello man I have been texting you [and] calling you, you are ignoring me, you put me in this stressful situation which I can't handle right now because I'm stuck as f***.
"I trusted you with this trading account that is why I decided to invest a lot of money but you didn't take your promise seriously now all my money is gone.
"[I] don't know how to pay my bills for my house which is more than R60000, don't know where else I can get this huge amount.
"Please, I'm genuinely asking you [for] my money back that [I] invested with this business because you were the one who was managing it so you must pay the consequences."