74 years old former Kaizer Chiefs PRO Louis Tshakoane was arrested on May 16, 2023, at a funeral of Mamelodi Sundowns PRO Alex Shakoane in Mamelodi, Pretoria. The arrest followed the execution of a warrant of arrest related to an ongoing investigation into an unregistered investment scheme.
The suspect is accused of benefiting from the proceeds of an unregistered investment company called Undercover Billionaires. He allegedly participated in presentations that lured potential investors with promises of high returns. The total amount of investments made is approximately R100 million.
A second suspect, 34 years old, was arrested at a residence in Kempton Park. Both suspects will appear in the Palm Ridge Specialised Commercial Crimes Court on May 17, 2023. They are facing charges of fraud, theft, money laundering, and contravention of the Financial Advisory and Intermediary Services Act.