Tshakoane, who speaks at his son, Louis Tshakoane Jnr’s Undercovermillionaires events, has been accused by an angry victim of being part of a scam. Tshakoane is also the president of the SA Football Association’s Gauteng East region.
Tshakoane Jnr is a reality television star and a self-proclaimed millionaire. He made headlines for flashing his riches on reality show Vuzu Rich Kids last year but now stands accused of defrauding an investor of thousands of rands.
Thato Menu, a Soweto bank consultant, has claimed that Tshakoane Jnr got him to part with R145 000. He said he invested the money in the business last year with the promise of huge returns which never materialised.
Speaking to Sowetan, Menu said he invested the money with Undercovermillionaires after taking loans with banks and borrowing money from his uncle. “The company is selling UMC (Undercovermillionaires coins) for which they promised me huge returns in April 2017.
“In January 2017 on his return to South Africa from overseas he (Tshakoane Jnr) made a lot of sudden changes which led me to withdraw and request a refund on March 16.
“The [withdrawal] form was sent [and]I filled it in and sent it back and was told to wait for 60 working days. On June 7, I was supposed to get my refund but Louis does not want to pay up. He is making excuses.”
According to proof of payments made to Tshakoane’s account which Sowetan has seen, Menu made payments of R12050, R53550, R28000 and R29 950 among others.
He said Tshakoane Jnr was ignoring his e-mails and all his offices were closed. “All contacts are offline and I had asked him several times to contact me or send me details so we can meet but [there has been] no response from him.”
In a previous e-mail communication between him and the company Menu was told to be patient as Undercovermillionaires was experiencing problems.
“We have faced a few challenges and delays in bringing up the demand for UMC but we are still very much hopeful and working hard and are confident that UMC demand is going to increase soon,” the e-mail reads. Menu said he opened a case of fraud against the businessman at the Johannesburg Central police station on Friday.
Last night police could not confirm nor deny that the case had been opened. When contacted for comment Tshakoane Snr declined to comment and referred questions to his son.
