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"Former SABC Radio Host Sebasa Mogale Faces Court over Alleged Bitcoin Investment Scam"

Published March 17, 2024
2 months ago

A disquieting saga unfolded as Sebasa Mogale, a one-time SABC radio DJ and actor, alongside his spouse, faced allegations of orchestrating a bitcoin fraud scheme through the so-called "Mining City" project. The couple marked their presence in the Polokwane magistrate's court as the gravity of their purported actions bore down upon them.

Insights gleaned from the police suggest that during the zenith of his broadcast era in 2020, Mogale might have exploited the trust vested in him by his radio show listeners to promote an elusive bitcoin investment opportunity. Col. Malesela Ledwaba’s account delineates the modus operandi of the procedure, which initiated from an evocative radio advertisement. Mogale beckoned listeners to an ostensibly enlightening seminar at 103 Landros Mare Street in Polokwane, fundamentally manipulating the societal credence typically affixed to media personalities.

The seminar, emblazoned with the allure of lucrative yet illusive returns, issued brochures that delineated various investment packages. From R6,500 to R253,000, the advertised estimated payouts possibly captivated many. Naively buoyed by the prospect of financial uplift, attendees were ushered into a workflow of deposits into a Standard Bank account appended with unique reference numbers, a six-month wait time supposedly preceding the realization of their supposed benefits.

Yet, the subsequent inability of investors to lay claim to their funds revealed the sinister nature of the operation—a closure of avenues of communication as the devious scheme unraveled. The grandiose promises distilled into despondency as the once-credulous investors faced blocked access to the accounts they were encouraged to create.

As Ledwaba points out, the elemental predicament dawned upon the investors when withdrawals were stymied, replies unpaid, and Mogale’s explanations threaded with the collapse of the “Mining City” due to inflation—a hollow refrain echoing the loss of their finances. An office once bustling with assuredness now echoed vacancy, a potent symbol of deception.

From the initial ten cases reported in May 2022, there lingers a somber expectation of more victims emerging from the shadows of this confounding charade. With the next court rendezvous slated for May 20, the narrative of Sebasa Mogale's fall from grace continues to unravel, beckoning a fervent scrutiny of trust, power, and the elusive gleam of cryptocurrency investment.

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