Popular Durban forex trader and cryptocurrency scammer Mfundo Manci (33), who promised his clients a 3,000% return on their investment using his social media platforms, has been sentenced to 10 years' direct imprisonment by the Durban Specialised Commercial Crimes Court.

RECRUITING

NPA spokesperson Natasha Ramkisson-Kara said Manci was an online trader who bought cryptocurrency and, at some point, started an investment scheme that had short-term and long-term promotions, promising high returns. "He managed to enlist the assistance of two women whom he knew, and he introduced them to the online trading business. He told them that he wanted them to promote his investment business and that if they referred a client for investment, they would receive a commission. Manci then registered Crypto Mzansi Group (PTY) LTD and opened accounts with various banks. "The two women, unaware, then recruited investors." Manci also recruited some investors who communicated with him directly. While some investors did receive their investments with profits, they were paid with other investors' money. Manci was not investing the monies received and only traded for himself," added Kara.

THE SENTENCE

In August 2022, the Asset Forfeiture Unit obtained a preservation order to freeze all his bank accounts and recovered R4.5 million. According to Kara, Manci was sentenced to 15 years on all fraud counts, five years of which were suspended for five years on condition that he is not convicted of fraud or theft. For contravening the Banks Act, he was sentenced to 5 years' imprisonment, and the sentence is to run concurrently with the sentence imposed for fraud.