Thousands lose millions of rands to Durban based Ponzi scheme

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Over 30 000 people have been fleeced by a Ponzi scheme known as IAmAuctioningDirect.

 They have now sounded a warning to others not to join pyramid schemes. They say they invested millions of rand into a Durban run operation, Ingula Investments.

The scheme promised its members a daily interest return of 3%. It collapsed and desperate investors are now scrambling to get their money back.
They are among 36 000 people countrywide who fell for the Ponzi scheme run by a man known as Norman Mhlongo.
The scheme- which opened its doors in 2014- is now being investigated by the Hawks.
Pastor John Mkhatshwa was introduced to the scheme by a church member in April last year.
And he, in turn, got other church members into the fold.
“She said the owners of the business are Christians, that’s actually what excited us the most because we are Christians. At least things are being done by Christians and we are supporting them,” says Mkhatshwa.
Mkhatshwa recruited over 200 people and made R 1,2 million in commission, but seven months later it all crumbled.

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