The Deputy National Director of Public Prosecutions and Head of the Asset Forfeiture Unit (AFU) of the National Prosecuting Authority (NPA), Advocate Ouma Rabaji-Rasethaba, has confirmed that those responsible for the Up Money pyramid scheme will face criminal charges.
It is understood that the pyramid scheme swindled millions from more than 230 000 investors.
The application by the AFU is part of the interventions by the National Consumer Commission (NCC) and the Financial Intelligence Centre (FIC) to salvage investors who were defrauded.
The criminal charges may include fraud and contraventions of various sections of the Prevention of Organised Crime Act (POCA).
The South Gauteng High Court in Johannesburg, granted the AFU preservation orders to freeze bank accounts worth more than R18 million and a number of luxury vehicles.
Three luxury vehicles were also attached, an Audi TT, a Hummer H3 and a Jaguar XKR Coupe.
The luxury vehicles belong to Up Money (PTY) Ltd and Uniitco (Pty) Ltd’s director and former director.
Click below to listen to NPA spokesperson Sipho Ngwema:
This pyramid scheme is neither registered with the South African Reserve Bank (SARB), a registered stokvel, nor a financial services provider.
It mainly uses social media to recruit members.
Click on the document below to read the full statement: