A former insurance broker, Tabo Malgas, 48, has been convicted for defrauding investors out of R920,000 by falsely claiming he was investing their money with Assupol Life Limited.
Between March and July 2021, Malgas misrepresented himself to multiple investors, promising they would receive returns on investments allegedly made with Assupol. Instead, he redirected the funds into his personal bank account for his own benefit.
According to Hawks spokesperson Warrant Officer Ndiphiwe Mhlakuvana, Malgas provided investors with his personal banking details under the guise of official transactions. The total amount stolen reached R920,000. A case docket was opened, and after an investigation, Malgas was arrested and charged with four counts of fraud in April.
He appeared in court the same day he was arrested and was released on R5,000 bail. After several court appearances, Malgas pleaded guilty and was convicted by the Gqeberha Specialised Commercial Crimes Court on September 2. His sentencing is scheduled for October 28, 2025.
In an unrelated incident, three men from Komani — Ndumiso Nkala, Evans Sibanda, and Philemon Sithole — were convicted in the Molteno Regional Court for copper cable theft. The charges stem from a 2021 case in the Stormberg area, where four suspects fled from police with a Jeep and a white Isuzu bakkie loaded with stolen copper cables.
Three were arrested on the scene after a foot chase, while the fourth suspect, Mutemba Edwardo, absconded from court proceedings after being released on bail. A warrant has been issued for his arrest. The convicted trio were found guilty of theft of copper cables, possession of stolen property, and contravening the Immigration Act. They have been in custody since their arrest.
