FRAUDSTERS have robbed unsuspecting pyramid scheme investors out of almost R3-million.
The group, led by Nomsa Mavuso, a Swaziland national, operated in Klerksdorp, Orkney and Stilfontein in North West last year.
Victims were enticed to invest their pension money in an international money-trading business with a promise of big profits within months.
Mavuso and her alleged accomplice, Sifiso Dlamini, are currently out on bail. They will appear again at the Klerksdorp Magistrate's Court next Friday for defrauding about 20 people.
Operating under the name Real Bantu Wealth Trading, Mavuso made various presentations to people before they each signed a form and gave her their banking details to deposit the money.
The form has spelling errors, including that of the name of the company.
One of the victims, Buyisile Tambodala, 46, is now left with a growing debt after he was allegedly robbed of R157000 from his employment severance package last year.
The former mineworker had intended to start a farm with his money until he met one of Mavuso's associates.
"I was told that she got her training overseas and had come back to SA to start her own company. I was convinced. I paid her R150000 which was supposed to earn me R1.5-million within four months and a R7500 administration fee," he said.
"In December [2013] she told me that business was not going well because of [Nelson] Mandela's death. That's when I became suspicious.
"I'm now broke and in debt. My plan of having a farm is merely a dream for now," he said.
Mavuso made a presentation at a local mine. The word spread. More people complained about her and that's when she was trapped with the assistance of the police in June.
Xolile Ndawule lost R40000 in the scam and half of it was meant to fund his daughter's university fees next year.
"It's a big setback for the family. My child will not be going to varsity next year as I had promised her."
Hawks spokesman Captain Paul Ramaloko confirmed the fraud case.
"The two were arrested for running a pyramid scheme 'Real Bantu'. They allegedly recruited people to invest in this scheme and promised them high returns. A number of people invested, to the tune of R2.7-million, and they did not get anything in return," Ramaloko said.
sifilel@sowetan.co.za
For more stories like this one, be sure to buy the Sowetan newspaper from Mondays to Fridays
Investors lose millions - pyramid scheme operators back in court
FRAUDSTERS have robbed unsuspecting pyramid scheme investors out of almost R3-million.
The group, led by Nomsa Mavuso, a Swaziland national, operated in Klerksdorp, Orkney and Stilfontein in North West last year.
Victims were enticed to invest their pension money in an international money-trading business with a promise of big profits within months.
Mavuso and her alleged accomplice, Sifiso Dlamini, are currently out on bail. They will appear again at the Klerksdorp Magistrate's Court next Friday for defrauding about 20 people.
Operating under the name Real Bantu Wealth Trading, Mavuso made various presentations to people before they each signed a form and gave her their banking details to deposit the money.
The form has spelling errors, including that of the name of the company.
One of the victims, Buyisile Tambodala, 46, is now left with a growing debt after he was allegedly robbed of R157000 from his employment severance package last year.
The former mineworker had intended to start a farm with his money until he met one of Mavuso's associates.
"I was told that she got her training overseas and had come back to SA to start her own company. I was convinced. I paid her R150000 which was supposed to earn me R1.5-million within four months and a R7500 administration fee," he said.
"In December [2013] she told me that business was not going well because of [Nelson] Mandela's death. That's when I became suspicious.
"I'm now broke and in debt. My plan of having a farm is merely a dream for now," he said.
Mavuso made a presentation at a local mine. The word spread. More people complained about her and that's when she was trapped with the assistance of the police in June.
Xolile Ndawule lost R40000 in the scam and half of it was meant to fund his daughter's university fees next year.
"It's a big setback for the family. My child will not be going to varsity next year as I had promised her."
Hawks spokesman Captain Paul Ramaloko confirmed the fraud case.
"The two were arrested for running a pyramid scheme 'Real Bantu'. They allegedly recruited people to invest in this scheme and promised them high returns. A number of people invested, to the tune of R2.7-million, and they did not get anything in return," Ramaloko said.
sifilel@sowetan.co.za
For more stories like this one, be sure to buy the Sowetan newspaper from Mondays to Fridays
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Latest Videos