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Cape Town - In a crackdown on one of SA's biggest ponzi
schemes, the SA Reserve Bank (Sarb) swooped on key players in a pyramid scheme
that has netted R265m, The Mercury reported.
Sarb seized the documents and assets of Travel Ventures
International (TVI), which it deemed unlawful in 2011.
The Reserve Bank has appointed an attorney to investigate
the multilevel marketing venture, which is allegedly operating as a bank, the
report said.
The pyramid scheme is estimated to have more than 100
promoters and 1 million "investors" taking part at any given time.
It is alleged that millions of rands are being channelled through the venture's bank accounts in transfers of about R2 700. The report said total credits received in bank accounts of local distributors stood at R265m.
Investigations revealed that one of the alleged distributors
was wealthy Musgrave businesswoman Nonhlanhla Doris Hadebe, who was fighting to
get back her luxury cars which included an Aston Martin and Mercedes-Benz as
well as expensive furniture that had been seized in March.
Investigators were still trying to collate a database of all distributors and investors, the report said.
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