Hawks investigates R1bn Ponzi scam- LATEST

PRETORIA-  The Hawks Serious Economic Offences Unit said they are investigating alleged investment fraud involving Bitcaw Trading Company, well known as BTC Global, after they were alerted that more than 28,000 investors are believed to have suffered losses exceeding R1-billion.

The Hawks believe that BTC Global agents promised their members of the public earnings of two percent interest per day, 14 percent per week and 50 percent per month.

The payments were made every Monday allegedly and according to the Hawks investigation some investors were paid in terms of their agreement but then payments stopped suddenly.

The Hawks has asked members of the public who have used the scheme to come forward and give information.

Hawks said in statement, “This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money. There 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 savings,”

“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.”

Photo Credit- Suppiled

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