Exclusive… Cash Plus The Real Reason Why Elephant Man Is Broke… Deejay Lost US$100,000 In Scheme

Last month we first broke the news that Elephant Man Mercedes Benz was hijacked by Jamaican tax authority IRD. We further investigate the allegations and broke news that deejay is in arrears of more than JM$6 million.

An extremely ever so reliable source told Urban Islandz that the reason why Ele cannot come up with the sum to pay his back taxes and finish his house is because the deejay lost millions of dollars in both Cash Plus and Olint. Bwoy Ele a no you alone but it tough.

This is what the source told us happened to the deejay:

Back in 2006 the deelay got a letter from the Inland Revenue Department claiming he never file taxes for several years and owe them millions in back taxes. The sourced said the deejay was advice by a close associate to invest several millions in Cash Plus and Olint alternative investment schemes and use the interest to pay the taxes.

He took the advice and invested over US$100,000 in Cash Plus and same amount in Olint, where he was suppose to get a monthly return of somewhere around US$20,000, close to JM$2 Million today, which was suppose to help pay up his taxes. The Schemes have since crash and the deejay default on his installments. The source told us that the deejay miss several deadlines that he agree upon with the IRD, which lead the tax man to move towards taking his assets. Ele legal team recently filed an injunction to stop the tax authority from taking his house. We heard the deejay is flat broke.

Come on now Ele sort out some hits similar to what you did with “Log On” and “Crazy Hype” cuzz we waan si yo pon BET again.