A high TVI Categorical scammer has had their property frozen in South Africa.
Describing TVI Categorical as “South Africa’s largest pyramid scheme”, the Excessive Courtroom in Johannesburg has ordered the property of Adelaide Musa Duma “provisionally sequestrated”.
As reported by Roy Cokayne of MoneyWeb on August twenty seventh, TVI Categorical was being investigated by South Africa’s Prudential Authority.
The Prudential Authority is a division of the South African Reserve Financial institution.
The Prudential Authority … utilized to provisionally sequestrate the property of businesswoman Adelaide Musa Duma of Seven Oaks, 2nd Avenue, Johannesburg.
In handing down judgment, Decide Phanuel Mudau mentioned the TVI Schemes are mentioned to be “South Africa’s largest pyramid scheme”.
Mudau mentioned the alliance companions purportedly linked to the schemes “are usually not in reality companions, and the marketed relationships are, in reality, fraudulent”.
TVI Categorical and its promoters, together with Duma, have discovered to be in violation of South Africa’s Banks Act.
With respect to Duma particularly, Mudau’s order was handed down based mostly on paperwork seized in 2013. The paperwork established Duma as a TVI Categorical promoter.
Duma processed funds for TVI Categorical by way of a First Nationwide Financial institution. Round $118,000 seems to have been dealt with.
This quantity was claimed by the Prudential Authority in December 2016, upon discovering Duma ha contravened the Banks Act.
Failure to settle the cost in 2016 led to Duma’s property being frozen eight years later.
Mudau ordered that Duma’s property be positioned beneath provisional sequestration within the fingers of the Grasp of the Excessive Courtroom in Johannesburg.
TVI Categorical was an MLM pyramid scheme constructed round journey. BehindMLM documented the unfold of TVI Categorical throughout Africa in 2010.
This consists of an investigation launched by South African authorities in December 2010. TVI Categorical South African promoters would later declare anybody who criticized the rip-off was racist.
South African authorities would go on to make two TVI Categorical arrests in 2011. One other kingpin, Nonhlanhla Hadebe (proper), was arrested in 2013.
TVI Categorical itself was run by Indian nationwide Tarun Trikha. Indian authorities arrested Trikha in 2013 and once more in 2020.
Regardless of a number of arrests, Indian authorities have been unable to make legal fees towards Trikha (proper) stick.
Personally I don’t suppose TVI Categorical is South Africa’s “largest pyramid scheme”. Beforehand, South African authorities pegged native TVI Categorical losses at $254 million.
Coming in at over $1.7 billion stolen, Mirror Buying and selling Worldwide simply takes the crown.
Mirror Buying and selling Worldwide, or MTI, collapsed in November 2020.
MTI’s CEO Johannes Steynberg just lately died in Brazil awaiting extradition to South Africa.
Native ringleaders Clynton Marks and Cheri Ward, who collectively are MTI’s major beneficiaries, stay at massive residing and stay brazenly in South Africa.
So far South African authorities have didn’t file legal fees in relation to MTI.