Hawks investigating massive R1bn investment scam

The Hawks are investigating an alleged investment fraud scheme of more than R1bn.

The investigative unit said in a statement on Friday that the Serious Economic Offences Unit is investigating "massive alleged fraud" involving Bitcaw Trading Company after more than 28 000 investors are believed to have suffered losses of more than R1bn.

Bitcaw Trading is also known as BTC Global.

"Members of the public are believed to have been targeted as part of the scam and encouraged by [some] of BTC Global agents to invest with promises of 2% interest per day, 14% per week and ultimately 50% per month," according to the Hawks.

Payments were allegedly made every Monday. Some of the investors got paid in terms of the agreement. However, the payments suddenly stopped.

Lieutenant general Yolisa Matakata is calling on members of the public who have invested in this scheme to come forward.

“This may prove to be the tip of the iceberg with potentially thousands more yet to discover they’ve lost money. This is a timely reminder that unregulated, unusual investments at home or abroad come with a high risk that people could lose all their hard-earned pension and other savings," said Matakata.

“Despite the setback we want to assure the affected individuals that we are investigating the matter but due to the large volumes, it will take time to conclude.”

Anyone with information that may assist the investigation may contact: 082 778 2823; 012 338 7500/07 or email MagoboshaS@saps.org.za or EngelbrechtRene@saps.gov.za.

* SUBSCRIBE FOR FREE UPDATE: Get Fin24's top morning business news and opinions in your inbox.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
15.86
-0.3%
Rand - Pound
19.45
-0.4%
Rand - Euro
16.78
-0.7%
Rand - Aus dollar
10.97
-0.1%
Rand - Yen
0.12
-0.1%
Gold
1,822.72
-0.3%
Silver
21.14
-0.0%
Palladium
1,873.00
-0.4%
Platinum
912.00
+0.1%
Brent Crude
113.12
+2.7%
Top 40
61,525
+2.5%
All Share
67,827
+2.2%
Resource 10
65,489
+1.6%
Industrial 25
80,203
+4.5%
Financial 15
15,428
-1.3%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot