Up Money made R42M through pyramid scheme

Date: Mar 30, 2021

Up Money made R42M through pyramid scheme - NCC’s Joseph Selolo

Up Money (PTY) Ltd has been fined R1 million by the National Consumer Tribunal for conducting a pyramid scheme in South Africa. In August last year, a complaint from a person in East London led to the Asset Forfeiture Unit(AFU) obtaining a preservation order to freeze the bank accounts worth more than R18 million of the directors of UP Money. On #SAfmBTH with Aldrin Sampear spoke to Joseph Selolo, National Consumer Commission’s Company Secretary.

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