A former insurance broker was convicted at the Gqeberha Specialised Commercial Crimes Court on Tuesday for stealing R920,000 from investors.

Tabo Malgas, 48, defrauded investors between March and July 2021 by promising them that their money would be invested with a company.

Instead, he diverted R920,000 into his personal bank account.

Malgas pleaded guilty to four counts of fraud.

Hawks spokesperson Warrant Officer Ndiphiwe Mhlakuvana, said between March 2021 and July 2021, Malgas misrepresented himself to potential investors.

He said Malgas purported that their funds would be invested with Assupol Life Limited and that they would earn returns on those investments.

“Instead of directing the funds to the legitimate Assupol account, Malgas provided the investors with the details of his personal bank account,” he added.

“The funds were deposited into his account, amounting to R920,000, embezzled for his personal benefit.

“A case docket was opened, and an investigation ensued.”

He said following the investigation, Malgas was arrested and charged with fraud in April.

“Malgas appeared in court on the same day of his arrest, where he was released on R5,000 bail,” he said.

“Malgas made several court appearances until his conviction by the Gqeberha Specialised Commercial Crimes Court on September 2.”

Mhlakuvana said he will be sentenced on October 28, 2025.

In an unrelated incident, three Komani men have been convicted and sentenced in the Molteno Regional Court in the Eastern Cape on Wednesday last week.

Ndumiso Nkala, Evans Sibanda, and Philemon Sithole were found guilty for their role in a copper cable theft case linked to a 2021 incident in the Stormberg area.

Mhlakuvana said the convictions follow the arrest of four suspects by the Hawks after they were caught fleeing from police with a vehicle loaded with stolen copper.

“Acting rapidly, the officers intercepted a Jeep and a white Isuzu bakkie,” he said.

“Upon being stopped, the suspects fled on foot, police gave chase and successfully apprehended four suspects.

“The Jeep was recovered, loaded with stolen copper cables, and the white Isuzu bakkie was abandoned by the suspects.

“Following diligent investigation led by the Hawks, three of the accused were successfully prosecuted and sentenced by the Molteno Regional court on August 27 for theft of copper cables, possession of stolen copper, and contravention of the Immigration Act.”

He said the fourth accused, Mutemba Edwardo, absconded from the court proceedings after being granted bail.

“A warrant of arrest has been issued, and he remains at large,” he said.

“The trio has been in custody ever since their arrest.”

IOL NEWS

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