Aircrafts and land seized in alleged ponzi scheme operation in KZN
Aircrafts, a luxury SUV, land and a number of properties
worth a combined total of R106 million belonging to a company known as Coin It
Trading have been seized by the KZN Asset Forfeiture Unit.
The company is suspected of operating as a ponzi scheme. It had placed out adverts with bank details calling on people to invest with them.
Coin It said the money would be used by the company to purchase rigid trucks, older horses, and plant materials among other things. But instead it was used to purchase properties, cars, aircrafts, and shares in other companies.
NPA spokesperson Natasha Kara says the company was not authorised to take monies from investors, according to South Africa’s financial laws.
“The preserved property includes, eleven pieces of land in Dundee, five aircrafts and a motor vehicle. The items will be held under curatorship pending the outcome of a forfeiture application,” Kara said.
