Consumer Commission investigating Up Money pyramid scheme

The National Consumer Commission has given an update on its investigation into Up Money. It says the pyramid scheme used fears around the coronavirus pandemic to lure people into joining it. Courtesy #DStv403

JOHANNESBURG - Acting National Consumer Commissioner Thezi Mabuza said South Africans should be careful of pyramid schemes.

The warning comes after the Up Money scheme swindled more than 230,000 people out of money.

WATCH: Consumer Commission briefs media on pyramid scheme probe

The commissioner said investigations are underway and announced the Asset Forfeiture Unit has been granted a preservation order to freeze the assets and accounts of the operation, worth R18-million.

"Between 4 May 2020 and 2 July 2020, the scheme received R42,7-million,” said Mabuza in a press briefing.

The pyramid scheme used fears around the coronavirus pandemic to lure people into joining it.

Source
eNCA