25 May 2018

South Africa: Hawks Investigate Massive R1 Billion Investment Scam

press release

Pretoria — A Hawks investigation has been launched into an alleged investment fraud involving Bitcaw Trading Company, commonly known as BTC Global, after more than 28 000 investors are believed to suffered losses exceeding R1 billion and still counting.

The Serious Economic Offences Unit has been tasked to investigate the massive alleged fraud. Members of the public are believed to have been targeted as part of the scam and encouraged by of BTC Global agents to invest with promises of 2% interest per day, 14% per week and ultimately 50% per month.

Payments were allegedly made every Monday. Some of the investors got paid in terms of the agreement. However, the payments suddenly stopped.

The Acting National Head of the DPCI Lieutenant General Yolisa Matakata has encouraged members of the public who have invested in this scheme to come forward.

"This may prove to be the tip of the iceberg with potentially thousands more yet to discover they've lost money. These is a timely reminder that unregulated, unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other saving

"Despite the setback we want to assure the affected individuals that we are investigating the matter but due to the large volumes, it will take time to conclude," said Lieutenant General Matakata.

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