Is Jabulani Cashflow Ngcobo a Fraudster?


By Staff Writer    08-Apr-2016 21:19 UTC+02:00
Jabulani Ngcobo enjoying a meal prepared by his in-house chef at his upmarket house in Johannesburg.

Jabulani ‘Cashflow’ Ngcobo enjoying a meal prepared by his in-house chef at his upmarket house in Johannesburg. Photo: Instagram.

One of Durban’s youngest millionaires, Jabulani “Cashflow” Ngcobo, who currently resides in Johannesburg, where he is living a lavish lifestyle, has been accused of defrauding a number of people of their hard earned money through his mysterious foreign exchange (forex) trading businesses, namely Cashflow Pro, Cashflow Equities and Knowledge to Trade, all of which are not registered with the Financial Services Board (FSB).

Recently, the Sunday Times published reports alleging that Ngcobo, together with his business partner Mzabalazo Dlamini, who routinely conduct forex trading seminars across the country, have enticed thousands of people into investing with them in the highly volatile and risky forex market, where only 5% of traders are said to be consistently profitable in the long term. It is reported that Ngcobo’s company, which charges hefty training fees of R10 000 – R12 000, not only teaches people how to trade, but also accepts investments from clients who want experienced traders to trade on their behalf. It is alleged that some of those who trusted Ngcobo’s company with their money lost all their investments. Now they want their money back and Cashflow is nowhere to be found.

One trader we talked to spoke in defence of Cashflow, saying, “The forex market is well known to be unpredictable and investors are always advised to invest the amount of money they are willing to lose. If Ngcobo warned his clients about the risk of losing their money but they still signed up, he is not the only one to blame.  The optimism of many investors makes them underestimate the riskiness of forex trading, despite being warned about it. They end up risking more money than they can afford to lose. When their investments are wiped out, they find it convenient to put the blame on someone else and demand their money back, claiming to have been conned while they knew from the start what they were getting themselves into. Like most traders, it is possible that Cashflow lost the money his clients invested while earnestly trying to generate profits for them, without any intention to commit fraud.”

However, although Ngcobo may not have deliberately defrauded his clients, his business modus operandi borders on fraud if viewed from the perspective of the Consumer Protection Act, which expressly forbids direct or indirect promotion of and participation in multiplication schemes. The Act describes a multiplication scheme as any investment scheme that promises returns at least 20% above the repo rate, which is currently at 7%. Therefore, promising investors an annual interest of 27% and above would be in breach of this Act. Cashflow Ngcobo has been promoting his forex trading business in South Africa for a while now, flaunting his wealth on social media, showing people that it is possible to make substantial profits in the forex market in a short space of time. This has resulted in many investors trusting him with their money, investing large sums of cash and paying thousands for training. One of Ngcobo’s clients, who is now taking legal action against him, claims that Cashflow introduced him to an investment opportunity that would grow his money by up to 70% in six months. He then invested R200 000. However, Cashflow failed to deliver and he lost his money. Another group of people who lost their money claims that Ngcobo promised that their R40 000 would grow by up to 300% in one year but that never happened.

On his website, which is currently suspended, Ngcobo describes himself as follows: “Jabulani Ngcobo is a young, ambitious entrepreneur. He is calculated amongst the youngest most successful business men in South Africa. He has made a name for himself by training and exposing most South Africans to the trading business. ‘Jabu’ has produced thousands of traders over the years working together with one of the most successful and popular broker[s] well known as CM Trading.” However, CM Trading distanced itself from Cashflow, saying he and his buddies were using their name to dupe the public.

The allegations leveled against Ngcobo have somewhat negatively affected his image. While some see him as a role model, others are starting to see him as a fraudster.  Another thing that raises eyebrows about the legitimacy of his business is the fact that it does not appear on the database of authorised financial services providers (FSPs). All FSPs, including financial advisors, are required by law to register with the FSB. According to reports, a case of fraud has been opened against Cashflow. If evidence shows that he acted in breach of the legislation governing FSPs, he and his business partner(s) may find themselves behind bars. Alternatively, they could be asked to pay back the money.


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  1. Melusi says:

    I don’t know how many times people want to be warned about these get rich quick schemes. It is true, a fool and his money are soon departed.

  2. Lungani says:

    They say Cashflow will appear in court next week.

  3. Mfanafuthi "jaheni" Mbatha says:

    Forex trading is unpredictable, even the experience trader can lose all his money in an blink of an eye. If you trade forex, keep it simple, trade merely 20% or less of your capital, start slow and slowly grow, also withdraw your profits. Don’t let fear and greed distract you!

  4. Linda says:

    Ignorance of the law is no excuse for breaking it. Another trader, Alex Hope, was found guilty of fraud last year after running an unauthorized forex investment scheme.

  5. Khaya Mgeza says:

    I loaned them a huge amount of money to grow their business. They promised to pay it back in ten equal instalments. Problems started in their company in 2011. They invited me and another member to discuss how they were going to pay back our money but that was the last time i saw them. I have tried all these years to find them but they ignore my calls, blocked me in facebook and whatsapp while they continue enjoying themselves out there and me suffering here.

  6. Andrew Leshabela says:

    Please add (Rising Giants Empire) he is also claiming that he can help people to master forex trading. He will try by all means to lure u to join his company. after you paid money he blocks your contacts.

  7. Siyanda says:

    One Instagram user pointed out that SmartFX Pro, the forex broker that Cashflow Ngcobo has been promoting/recommending for the past few months, had its FSB licence withdrawn. To confirm this, I searched the FSB and was surprised to find that Smart FX Pro’s licence was indeed withdrawn in September 2016, less than a year after it got its licence.

    Below is what the FSB search returned:
    Nr46586FSP NameSMART FX PRO
    Date Application Received by FSB or RB 11/12/2015
    Status License Withdrawn
    Date Status Updated 12/09/2016

    • Arild says:

      Exactly, i did the same research because my withdrawal requests were taking so long and no customer support at all, that broker is a SCAM people

  8. Sifiso Nkosi says:

    People mustn’t be jealous of Ngcobo because when the singer sing tje song well you develop the willingness to buy the copy. If Ngcobo sings well in your ears don’t complain if you didn’t listen well because of your damaged ear drums

  9. Mandla says:

    I’ll never forget the day I attended one of the fx training session in durban… our trainer said to us for them to recruit people ‘they hire fancy cars and and take pictures while they are standing next to them or inside those cars and then post on Facebook. ‘

  10. Lebogang says:

    Forex is not a get rich quick scheme..it needs dedication,,patience,,hardwork,,knowledge..need I say more…if you want to learn about the industry and want to invest your money with a mentor..then you need to know who exactly you want to learn from…ask him for his portfolio and see how much of a good trader he is….ask other people who are already part of his course…do as much research as you can…I have been trading for almost 3years now…and every single person who is dedicated to Forex can make some amount of profit in the long run….If I can do it,,so can you

    • Noluthando says:

      Hi Lebogang,

      I am interetested in forex trading but still not sure where to start.Can you give me some guidelines.
      Thank you.

  11. smiso says:

    Guys this thing is really but if you want to be poor don’t join it.jabulani cash flow is awesome💵💲

  12. sipho says:

    i mademoney on cashflow and i lost it all cm was not the part of cash flow on that time it was markets .com i made a lot of money in my foolishness i lost it all seven year now i still love cashflow i payes R12 000 for it and i lost but i have learned from the best

  13. andile says:

    In this one I can confidently say colour will always be an issue in this country. These young black boys that are making millions in forex makes those of a different colour to scratch their heads…..unfortunately they are here to stay no matter what!!!!!!

  14. nyssa al gul says:

    .

  15. Molebo2.0 says:

    Cash flow is a fraudster, and I can prove it.
    1. The “brokerage” he uses, doesn’t pay people back their monies. They have been having technical difficulties with paying people for over a month. Yet their account is FNB and is active
    2. The addresses of where this brokerage is are Australia,Gaborone and Melrose Arch. The 2 outside of SA belong to other companies. The Melrose Arch is where Cashflowpro, is situated in a tiny office.
    3. He is losing people’s money and blaming the risk or volatility in the market, yet his risk management is off completely.
    4. He doesn’t do the trading, he uses signals.
    5. When you ask him questions on social media he blocks you

  16. Azande says:

    This cashflow guy is a scammer and he stays in a house with 4 other friends he doesnt own his own,hes not as rich as people think ,he lives for attention to prove to people that hes rich while hes sharing a house ,he has scammed alot of people ,every dog has its day…it will all come back to him

  17. Pheya says:

    Cashflow every dog has it’s day…your day will come only God knows if you live by the sword you’ll die by the sword

  18. Florijan says:

    Forex is a dangerous business! Trade with safe, legit and regulated brokers… I am using CMTrading’s Sirix to catch some signals, but yet again, if you put the time, their learning material is vast and will help you out.

  19. Trader says:

    Was Jabulani part of that brokerage or was just a trader? Something is fishy here (people lose money in forex market bcoz they don’t know what is happening. Forex is not far from Lotto.

  20. Maria says:

    Forex on a daily basis is what became my custom. However my 9-5 job often times doesn’t allow me to have enough time to analize. This is where the Sirix platfotm comes into play! The free signals are my best friend!

  21. sbungcobo says:

    jabulane ngcobo inja yomu godoyi ,in english dont follow jabulani its a fraudester master please dont be attracted on him its a bullydog uyinja

  22. Thembisile says:

    Jabulani Ngcobo uyi fake and scammer but one day is one day uyo bheka phambili,emaceleni and nasemuva bese ubona ubu fake bakho. Baba thethelela ngoba aka kwazi akwenzayo

    • Anonymous says:

      He stole my money that guy. God must punish him serious. lets chat on whatsapp 084 750 3833. we must pray for him indeed doesnt know what he doing.

  23. Thabo says:

    Ngempela ujabulani uyi fake and scammer kuko konke akwenzayo be careful soth africa.

  24. Anonymous says:

    Jabulani is a thief, he stole R520 000 from Theko Ngqulunga – STA taxi owner.

  25. Anonymous says:

    Jabulani Ngcobo is a thief. God will punish him.

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