One scam stole over R500 million from South Africans

[Newsfeed]

One scam stole over R500 million from South Africans

Capitec detailed how a R500-million scam worked and how best to avoid falling victim to similar schemes.

 

[Pythonista]

A fool and his money are soon separated - old adage

 

[Cius]

If it sounds too good to be true....

 

[Unreal]

Harris said the first thing someone interested in such an investment scheme should do is pause and ask themself: “If money could be made like this, why is everyone not a millionaire or billionaire am I also not making money like this?”

There I fixed it. We’ve got a blueprint people. Let’s get scamming

What will you be doing with your R500 million?

 

[Werner1975]

A fool and his money are soon separated - old adage

Some smart people have fallen for scams as well. These vultures are becoming very good at scamming/stealing.

 

[SkillBeatsAll]

@mylesillidge @Jan
My reporting on it, including how I traced it to China and came to the R500 mil number. The international syndicate runs into the billions!!

South Africans lose hundreds of millions of rands to Morita Forestry investment scam

Social media influencers helped make the scam possible - and were rewarded handsomely

groundup.org.za

How police lent credibility to the Morita pyramid scheme

And so did the Forestries department and a municipality

groundup.org.za

The story of a money mule, and how she helped the R511-million Morita scam

Now she fears for her life

groundup.org.za

 

[marine1]

Whats funny is Capitec dont do anything about fraudsters, majority of these scumbags have Capitec accounts and when you report them or try get the money back, Capitec wonbt do anything

 

[Werner1975]

Whats funny is Capitec dont do anything about fraudsters, majority of these scumbags have Capitec accounts and when you report them or try get the money back, Capitec wonbt do anything

I can concur - 6 months after 5K was stolen from my wife's Capitec account, still no help from them. Their refrain when we ask for feedback - "Still investigating."

 

[lexity]

Whats funny is Capitec dont do anything about fraudsters, majority of these scumbags have Capitec accounts and when you report them or try get the money back, Capitec wonbt do anything

The banking cartel benefits from black-PR when it comes to small-time scammers. In other words painting relatively-small-time scammers as the greatest threat to human-kind.

Think it through.... everyone is small-time compared to the banking cartel. Their goal is to get you to come to them .... 'for your own protection and welfare'.

The biggest scam of them all is to monopolize your scam by making it appear to be legitimately regulated.

It's not a war on scammers, it's war on open competition. Just like the war on drugs is a war on open competition in the drug market.

Since when is monopolizing the service of accreditation a grass-roots-endorsed phenomenon, anyway?