More than 1,000 people have already contacted the Directorate for Priority Crime Investigation, the Hawks, since it revealed on Friday that it is investigating an allegedly fraudulent investment scheme totalling more than R1bn. The Hawks said Gauteng-based Bitcaw Trading Company, commonly known as BTC Global, was being investigated after more than 28,000 investors suffered losses in a cryptocurrency scam. Hawks spokesman Brig Hangwani Mulaudzi said the South African Reserve Bank has been brought in to help with the investigation, which is moving "very swiftly". The company is alleged to have targeted potential investors with promises of 2% interest per day, 14% a week and 50% per month. The Hawks said payments were initially made every Monday but suddenly stopped. On the BTC Global website individuals presenting themselves as the "admin team" said the group’s services have been suspended after its primary trader, identified as Steven Twain, failed to reply to e-mails requesting paym...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.