Former Kaizer Chiefs PRO Louis Tshakoane (74), his wife Suzan Tshakoane (59) his son Louis Tshakoane junior (34) appeared in the Palm Ridge Specialised Commercial Crimes Court on Wednesday. Tshakoane was arrested during the funeral service of Mamelodi Sundowns communications officer, Alex “Goldfingers” Shakoane.

‘He was arrested on charges of fraud, theft, money laundering and contravention of the Financial Advisory and Intermediary Services Act. This follows an execution of a warrant of arrest by the Hawks’ Serious Commercial Crime Investigation based in Johannesburg in relation to an ongoing investigation into an unregistered investment scheme.

Former Kaizer Chiefs PRO Louis Tshakoane at the Funeral of Alex “Goldfingers” Shakoane.

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The accused are alleged to have benefitted from the proceeds of the unregistered investment company known as Undercover Billionaires. He is reported to have participated in the presentations aimed at enticing potential investors with a promise of high returns.

LOUIS TSHAKOANE APPEARS IN COURT

The amount of investments tendered is approximately R100 million. Louis Tshakoane junior, 34 years old was also arrested in a residence at Kempton Park. His first arrest was in 2019 where he was granted bail of R70 000. The accused then made a series of appearances but later absconded. His arrest was also a result of a bench warrant for which he forfeited his bail.

The trio will also appear again in the Palm Ridge Specialised Commercial Crimes Court on 23 May for a formal bail application.