Authority raids KZN forex businesses

(FSCA)
(FSCA)

The Financial Sector Conduct Authority (FSCA) has raided a forex company’s two offices in KwaZulu-Natal.

FSCA has launched a formal investigation into the activities of Humble Security and Trading for suspected breaches of financial sector laws.

"This comes after the authority was made aware that the entity is offering forex investment packages to the public without authorisation. Furthermore, these investment packages promise what appear to be unrealistic returns."

Zolani Phantsi is the sole director of Humble Security and Trading. "Neither Humble Security and Trading, nor Mr Zolani Phantsi are licensed to conduct any financial services or receive deposits from the public," says the FSCA. The authority says that the company claimed to be licensed.

FSCA was granted two search and seizure warrants for the company’s offices in Pietermaritzburg and Umzimkhulu, and that it launched raids last weeks.

The company’s website says its founder was "blessed (…) with strategies and skills to uplift other people (especially those who really want to come out of debts)."

The site seems to indicate that an investment of R1 000 can be turned into R8 000 within three months, and has a long list of testimonials.

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