Episode Details

Nigerian financial giant VFD Group is suing businessman Richard Simanga Ngwenya, accusing him of orchestrating a $20 million fraud to divert corporate funds meant for a major acquisition. VFD seeks to freeze five of his properties while pursuing a civil claim for $15.5 million, citing his alleged control over shell companies that received the money. This isn’t Ngwenya’s first brush with legal trouble—he’s already facing criminal charges for fraud and money laundering tied to the same deal. The scheme began in March when VFD loaned Elevate Investment Partners the cash to buy A2Pay Holdings, expecting a 50% stake in return. But instead of using the funds as agreed, records show the money vanished into Nisela Property SPV—a company VFD never dealt with—and eventually funneled to third parties, including Ngwenya’s daughter. VFD claims Ngwenya misled them with fake bank statements and blamed delays on South African Reserve Bank rules, turning what was supposed to be a strategic investment into a full-blown financial scandal.

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