Share

Durban gets own Ponzi scheme

Durban - Thousands of people who were lured by promises of a 30% monthly return on their investments put R75m into a Hillcrest-based investment company, the Mercury reported on Monday.

The SA Reserve Bank shut down Ingede Mineral Holdings and froze its bank account, it was reported.

The paper reported that it appeared to have been a Ponzi or pyramid scheme, which is a fraudulent investment operation that pays returns to investors from their own money or money paid by subsequent investors, rather than from any actual profit earned.

The company had offices in Crooked Lane in Hillcrest and was run by a 25-year-old Goodman Goqo until it was forced to close at the end of February for contravening the Banks Acts.

The company account had R40m in it when it was frozen. Goqo allegedly spent R5.1m on cars.

Professors, nurses and pensioners were some of the people who invested in the scheme. Some allegedly borrowed money, sold their houses and used their hard-earned pensions.

- Sapa

We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.88
+0.3%
Rand - Pound
23.86
+0.2%
Rand - Euro
20.39
+0.2%
Rand - Aus dollar
12.33
+0.1%
Rand - Yen
0.12
+0.2%
Platinum
908.05
0.0%
Palladium
1,014.94
0.0%
Gold
2,232.75
-0.0%
Silver
24.95
-0.1%
Brent Crude
87.00
+1.8%
Top 40
68,346
0.0%
All Share
74,536
0.0%
Resource 10
57,251
0.0%
Industrial 25
103,936
0.0%
Financial 15
16,502
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders