WATCH: Consumer Commission briefs media on pyramid scheme probe

  • Editor's note: This live event has ended. You may watch a recording above.

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).

WATCH: WhatsApp Gifting explained

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.

- Coronavirus Hotline Number: 0800 029 999 from 8 am to 4 pm, Monday to Friday.

Help protect your loved ones by sharing this official South African government COVID-19 service with your family, friends and community.

Send HI to 0600 123 456 on WhatsApp.

The NICD has another Clinician Hotline to improve #COVID19 communication and support for healthcare providers. The Clinician Hotline is 0800 11 1131, operating 24 hrs. The Public Hotline is 0800 029 999 also operating 24hrs.

Source
eNCA