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It came as no surprise when the Financial Sector Conduct Authority released a warning about Mandla Lamba last week. Lamba was unmasked a few years ago as a fraudster.
Lamba, who ten years ago dubbed himself to be South Africa’s youngest billionaire, was revealed as lying about his business holdings. When his shady business was unmasked, Lamba disappeared. He also served time in jail for culpable homicide.
Lamba recently resurfaced as a businessman with a company that promised “too good to be true” investment returns.
Investors in his “billionaires’ club” were promised a “guaranteed” income of up to R1 million per month in exchange for an investment of just R150 000.
The investment scheme was also endorsed by TV personality Somizi Mhlongo. Lamba sold shares in his electric vehicle venture, Agilitee – supposedly as part of a special discount. He offered shares worth R50…