WATCH: Consumer Commission briefs media on pyramid scheme probe

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PRETORIA - The National Consumer Commission will brief the media regarding its investigation into a pyramid scheme, Up Money.

The NCC along with the Asset Forfeiture Unit (AFU) of the National Prosecution Authority (NPA) and Financial Intelligence Centre (FIC) joined forces to put the brakes on a pyramid scheme called Up Money (Pty) Ltd (Up Money).

This has led to the freezing of bank accounts and seizure of assets including three luxury motor vehicles.

Pyramid Schemes are prohibited under Section 43 (2) of the Consumer Protection Act (CPA).

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The South African government, Up Money, unlawfully exploited the COVID-19 pandemic and food security concerns to lure consumers into joining and participating in the Up Money pyramid scheme.

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