IT IS difficult to quantify how much illegal deposit-taking schemes in SA — which include 419 scams, Ponzi and pyramid schemes — are worth, but they run into millions of rand, Reserve Bank governor Lesetja Kganyago says.The Bank on Tuesday launched a programme aimed at tackling what it referred to as the scourge of illegal deposit-taking schemes."Over time these things could be running into billions of rand," Kganyago said.Hot spots have been identified as Gauteng, the Western Cape and KwaZulu-Natal.South Africans needed to be "more vigilant" and "more questioning" about their investments, deputy governor Kuben Naidoo said.After being notified by members of the public who suspect illegal schemes, the Bank investigates such cases. By the time the Bank moves in, most of the money members of the public have invested has been spent financing the lavish lifestyles of people running the schemes, making it difficult for those who invested to get their money back.The Bank’s campaign was cen...
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