'Savings club' has been referred to police and regulatory authorities.
An investigation into United African Stokvel has found that it never invested the funds it solicited from consumers, despite promising high and unrealistic returns, according to the Financial Sector Conduct Authority (FSCA).
FSCA has now referred the matter to the police, prudential authority at the Reserve Bank and the National Consumer Commission.
United African Stokvel (UAS) claims on its social media pages that it is a digital stokvel that invests clients' funds in property and telecommunications. It says the returns from these investments are used to pay investors.
However, according to FSCA, there were various complaints from clients that although they were promised returns, they did not receive them. This led to FSCA warning consumers in July last year to be cautious when conducting any finance-related business with UAS.
This story is from the December 14, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the December 14, 2024 edition of The Citizen.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
Heritage rescheduled at Vaal
Strydom the jockey to follow on rest of the card.
Quitting on TV: good or bad?
Clinton Larsen became the second coach to quit live on television this season on Saturday.
Sharks make a move in the URC
The Sharks made their move up the United Rugby Championship (URC) table with a breathtaking derby win over the Bulls in Durban, while the Stormers returned to winning ways with a comfortable victory over the Lions in Cape Town.
PINK PROTEAS PLUCKED
ODI: KLAASEN HEROICS NOT ENOUGH AS PAKISTAN SECURE 3-0 WHITEWASH
Larsen quits after Cup loss
Magesi FC head coach Clinton Larsen announced his resignation live on television after his side were beaten 3-0 by the Carling All Stars in the Carling Cup on Saturday at Orlando Stadium.
Usyk maintains perfect record
GREATEST: UKRAINIAN PRAISES HIS 'BEST FRIEND' FURY
Tai hopes to keep cool at Masters
Singapore - Amateur Hiroshi Tai cites Green Jacket winners Hideki Matsuyama and Scottie Scheffler among his golfing heroes and is hoping \"not to be in awe\" of them when he becomes the first Singaporean to tee off at the US Masters in April.
Pep: we will come right eventually
Birmingham - Manchester City manager Pep Guardiola insisted his struggling Premier League champions will regain their confidence after a 2-1 defeat by Aston Villa on Saturday meant they had lost nine of their last 12 matches in all competitions.
Hot Liverpool hit Spurs for six
EPL: MAN UNITED WELL BEATEN AS EVERTON HOLD BLUES
Blue chips ditching ESG
LOANS: 'STILL COMMITTED TO GOVERNANCE'