Up Money pyramid scheme members to be charged
It is illegal to participate in these get-rich-quick schemes and the National Consumer Commission now plans to fine those who helped sign up about 230,000 members
If you’re among the 230,000-odd members of the Up Money meal and grocery scheme, it’s a pyramid scheme, says the National Consumer Commission (NCC) – and not only are you likely to lose any money you put in, but you’re also at risk of being charged for joining a pyramid scheme.
At a press conference hosted by the NCC on Tuesday, acting commissioner Thezi Mabuza said that based on evidence from the NCC and the Financial Intelligence Centre (FIC), the Asset Forfeiture Unit (AFU) had obtained preservation orders in the Gauteng High Court to freeze R18.36m held in the FNB account of Up Money, an amount of more than R205,000 held in a business account of an associated company, and three luxury vehicles. ..