Consumer Commission briefs media on investigation into Pyramid Scheme – Up Money, 4 Aug

The National Consumer Commission to brief members of the media regarding its investigation into a Pyramid Scheme – Up Money

The National Consumer Commission (NCC) joined forces with the Asset Forfeiture Unit (AFU) of the National Prosecution Authority (NPA) and Financial Intelligence Centre (FIC) to put the brakes on a pyramid scheme called Up Money (Pty) Ltd (Up Money). This has led to the freezing of bank accounts and seizure of assets including three luxury motor vehicles.

Pyramid Schemes are prohibited under Section 43 (2) of the Consumer Protection Act (CPA). Up Money unlawfully exploited the Covid-19 pandemic and food security concerns to lure consumers into joining and participating in the Up Money pyramid scheme.

Members of the media are invited as follows:

Date: Tuesday, 4 August 2020
Time: 10h00
Venue: GCIS – Ronnie Mamoepa Press Room, Tshedimosetso House, 1035 Francis Baard Street, Hatfield, Pretoria.

Media Participation: Journalists may view the briefing via live streaming on the South African Government social media channels on the links below:

Facebook: http://facebook.com/GovernmentZA

Twitter: http://twitter.com/GovernmentZA

YouTube: http://youtube.com/GovernmentZA

For enquiries and RSVP please contact:
Phetho Ntaba (NCC)
Cell: 082 809 2031
Email: P.Ntaba@thencc.org.za

 

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