Former Muvhango actress Simphiwe Ngema is accused of helping Jabulani “Cashflow” Ngcobo and his partner Mzabalazo Dlamini to lure clients to their investment “scam”. Ngema denied allegations that she was the official ambassador for one of Ngcobo’s companies, Knowledge To Trade.
“I was just there as the face of the company and I left those guys around March 2014 because they were unprofessional. I don’t know anything about their money. Unfortunately, I also trusted these guys,” said Ngema. Ngema, who presents Isiko on e.tv’s Ekasi+, said she never signed any contract with Knowledge To Trade.
We then reminded Ngema that she attended a presentation about the “investment scheme” delivered by Ngcobo and his partners in Mpumalanga in December 2014. A story was also ran an article in March last year in which Ngema confirmed being an ambassador of Knowledge To Trade.
She said it was possible that she left Ngcobo in December 2014, adding she was not sure about the dates. Ngcobo said: “I see you are serious about this project of destroying my name. It’s fine qhubeka [go ahead].” His business partner Dlamini said people will eventually get bored reading the same story every week.
But after last week’s article, more victims of the alleged cheating by the Durban businessman crawled out of the woodwork. Sipho Mthombeni from Secunda in Mpumalanga said Ngcobo had disappeared with his R50000.
“In early 2014 I deposited R10000 for training and transferred R50000 into the Knowledge to Trade account. Cashflow and Mzabalazo told me that I would receive 10% interest every month and that’s when I decided to invest the R50000 for trading.
“When he came to Mpumalanga for the presentation, he was with Simphiwe Ngema and they told us she was the brand ambassador of the company. Simphiwe spoke with us too, telling us that we should invest with the company because it was legit,” said Mthombeni. Mthombeni said they did not suspect that Ngcobo and Mzabalazo were crooks because they were well dressed and drove a BMW M3 at the time. “We could see that these were real businessmen. They taught us to trade using demo accounts, saying that they will trade on our behalf while we were still training,” he said.
Mthombeni said that he had been trying to get hold of Ngcobo without success. “My dreams to study further were shattered. I confronted Cashflow at the Spring Fiesta in Ekurhuleni in October last year and he couldn’t remember me. He also said he did not remember coming to Secunda,” said Mthombeni.
Mthombeni said that he went to the Financial Services Board to complain but was told that Ngcobo was not registered with it.
Mthombeni’s sister Thabile claims that Ngcobo and Dlamini owe her R38000 with interest. “When I met them in 2014 at Umuzi lodge they told us that we could make money while we are sleeping. “I paid my R10000 for training and my R50000 to the Knowledge to Trade account as instructed by Mzabalazo.
“When I wanted money for my birthday they gave me some but since then I haven’t received anything and they are avoiding my calls,” said Thabile. Another alleged victim, Frans “Ace” Naude, said that after Ngcobo and Dlamini “sweet talked” them during a presentation, he immediately paid his R10000 for training.
“During training, Cashflow told us that he can help us trade through CM Trading and we can earn 10% interest per month. I transferred R150000 into Knowledge to Trade. “I have been trying to call Cashflow after he told me early this year that he was going to arrange payments but he does not pick up my calls anymore. He always says he’s in a meeting and will get back to me but never does,” said Naude.
Daniel Kibel of CM Trading said Ngcobo and his buddies were using his company to dupe the public. “CM Trading is a leading South African broker and has an excellent reputation in the industry. “It came to our attention that Cashflow and Knowledge To Trade were using our good name to do what we believe is unethical activity. “As a result, we ended our relationship with Cashflow and there has been no communication for about a year,” said Kibel.
Both Ngcobo and Dlamini did not respond to specific questions about allegations from the three victims.