A Welgelegen woman lost over R2 000 in October as she was intrigued by quick-return investments after being invited to join a new WhatsApp Community group called R17 Ventures.
After investing a total R2 500 with only a R150 return, she eventually realised she was coaxed into a social media pyramid scam.
Bellville police spokesperson, Lt Col Fienie Nimb, confirmed the incident, saying: “This serves as a warning to the community of new online scams that traps people with the promise of quick, large returns for small investments.”
Assignments
The woman told the TygerBurger that she was contacted by a Human Resources (HR) representative upon joining the group and completing certain tasks for money.
“At first they would post assignments on the group, like writing a revue for a hotel or restaurants on Google in return for like R30 payments per written review,” she explained.
“I was then contacted by an HR from a platform called Cboe. This woman asked my details to setup my online profile for the platform in order to receive money.”
She proceeded to give her personal details, such as her ID number, bank account details and home address.
Eventually the woman started making small investments of R500, for example, with a promise of a much higher return.
“On the WA group they would post documents or performance stats of how much money others on the group had made upon their investments per day. Needless to say, I was stupid and made a big mistake.”
The 33-year-old wishes to warn others from investing their hard earned money for social media scams and “pyramid schemes” like this.
“If it sounds too good to be true, chances are, it is. Legitimate investment platforms don’t promise such high returns for small investments. Don’t be fooled by promises of big returns,” warned Nimb.
* This story has since been updated after more information was brought to the attention of the TygerBurger.
