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Experion Developers to invest over Rs 2K cr in new Gurugram housing project
The company will develop 540 apartments in the upcoming luxury housing project 'The Trillion', which is located in Sector 48, Gurugram
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The Citizen
3 minutes ago
- The Citizen
FSCA warning: These well-known people cannot help you to invest
The FSCA urges consumers to exercise extreme caution when investing their hard-earned money and to verify that they are dealing with a legitimate and authorised entity or broker. The Financial Sector Conduct Authority (FSCA) is warning consumers to be cautious of deepfake videos featuring well-known individuals promoting specific investments, as well as fraudsters impersonating legitimate brokers and investment firms to scam consumers out of their money. The FSCA warns consumers to watch out for investment platforms claiming to be associated with business mogul Dr Patrice Motsepe, broadcaster Leanne Manas, President Cyril Ramaphosa and his deputy Paul Mashatile. The authority says in a statement that it has learned that the platforms may be providing financial services to the public without authorisation, while it promises unrealistic returns of between R13 000 and R17 000 per day, on an investment of only R4 500. These platforms also use fake images and deepfake videos using Motsepe, Manas, Ramaphosa and Mashatile's faces. In one of the deep fake videos, a digitally altered version of Motsepe promotes investments offered on the platform, while a manipulated video of Mashatile confirms that the platform is authorised and that investors will receive returns. Another video uses a deepfake of Ramaphosa to promote investments and guaranteed returns. The FSCA says consumers must remember that the individuals behind the platforms are not authorised in terms of any financial sector law to provide financial services to the public. When the FSCA tried to contact the individuals behind the platforms, there was no response. ALSO READ: FSCA says watch out for these scammers FSCA also warns about Momentum Metropolitan and Risto Ketola impersonators The FSCA also warns consumers to look out for fraudulent WhatsApp groups where individuals impersonate Momentum Metropolitan Holdings Limited and Risto Ketola. It says consumers must be careful when engaging with a WhatsApp group operating under the names 'Q23 Momentum Official Securities Group' and 'Q923 MOSG Official Securities Group'. These groups falsely claim to be affiliated with Ketola, the group finance director of Momentum Metropolitan Holdings, after receiving reports of a scheme where individuals use WhatsApp to solicit funds from unsuspecting consumers. The FSCA points out that the administrators of these groups fraudulently impersonate Ketola and misuse his name, image and professional credentials to promote what is described as 'structured guidance and risk-managed investment strategies'. The group claims to offer returns exceeding 160% and advertises a so-called 'check-in reward initiative,' promising up to R2 000 per month to individuals who promote the group. According to the FSCA, Momentum Metropolitan confirmed that neither it nor Ketola has any association with the WhatsApp groups. Momentum Metropolitan expressed its concern over the growing number of advertisements on Telegram, Facebook and WhatsApp fraudulently linking its brand and executives to unauthorised investment schemes. ALSO READ: FSCA warns consumers about investments with these unregistered entities FSCA also warns about individuals impersonating Brokstok The FSCA also warns consumers to be careful of individuals impersonating Brokstock SA, an authorised financial services provider (FSP) with FSP number 51404 after it received information that Zibu Masotobe Sibiya with WhatsApp number +2771 768 4632 and her associate Mike Mabuyakhulu with WhatsApp number +2779 429 3027 are impersonating Brokstock SA. The FSCA says Sibiya and Mabuyakhulu are unlawfully acting as representatives using Telegram and WhatsApp groups called Brokstock Beginner/s and an FNB bank account in the name of Brokstockshares and the account number 62871907790, with an email address brokstockshares@ Sibiya and Mabuyakhulu lure consumers into depositing funds into a fraudulent bank account. The FSCA points out that Brokstock SA confirmed that the individuals are in no way associated with Brokstock and that any representations suggesting otherwise are entirely false and misleading. Brokstock SA emphasises that it will never share its banking details on public communication channels, such as Telegram or WhatsApp. The FSCA urges the public to exercise caution regarding scams conducted through messaging services and various social media platforms, as these incidents are on the rise. ALSO READ: FSCA warns against FXnonstop offering 40% returns per week Scammers even impersonate the FSCA The FSCA also warns consumers about people impersonating the FSCA and financial services providers. The impersonators use the FSCA logo, details of its staff and fake FSCA certificates to claim an association with the authority to entice consumers to use their services or make investments. The FSCA impersonators offer members of the public help to claim refunds from investments they made with financial service providers, and also offer help to recoup losses they suffered through trading in investment instruments such as crypto assets. 'The impersonators of the FSCA are not authorised in terms of any financial sector law to provide financial services. The FSCA has no association with those impersonating it.' The impersonators also use the FSP numbers issued to authorised financial service providers to solicit investments from members of the public. In addition to using the FSP numbers, the impersonators also use the details of staff and management of financial service providers to lend legitimacy to their operations. The FSCA emphasises that the impersonators are not authorised in terms of any financial sector law to provide financial services. The financial service providers who were impersonated denied any association with these impersonators: Geronimo 2 Audacity Capital, USA Sarasohn Ximen and Aguilar Navarro Joaquin. Despite its attempts, the FSCA was unable to get hold of any of the impersonators. The FSCA reminds consumers to treat any entity or individual purporting to represent the FSCA or to be a financial service provider on any platform with suspicion and to contact the FSCA immediately. ALSO READ: FSCA fines 2 pension fund bosses R30 million each, debars them for 30 years FSCA says this is how to stay out of trouble with the impersonators The FSCA says to avoid unnecessary risk, consumers must not accept financial advice, assistance, or investment offers from individuals or entities not authorised by the FSCA. Authorised financial services providers must clearly display their authorisation status in their documentation. 'If this is not present, consumers must first investigate further before making any payments. We also urge consumers to exercise caution when considering investment or trading offers on social media platforms or any unsolicited offers,' the FSCA says. The authority recommended that you protect yourself by first verifying: That an entity or individual is authorised by the FSCA to provide financial products and services, including giving recommendations about how to invest The category of advice the person is registered to provide, as there are instances where companies or people are registered to provide basic advice for a low-risk product and then offer advice on far more complex and risky products. The FSP number of the entity or individual offering financial services matches the name of the financial service provider on the FSCA database. The FSCA says you can use one of these methods to confirm the status and FSP number of a service provider or someone who claims to be an authorised service provider:
Saudi Press
3 minutes ago
- Saudi Press
Passports Director General Inspects Hajj Terminal at Jeddah Airport
Islamic Affairs Ministry in Tabuk Distributes Custodian of the Two Holy Mosques' Gift to Departing Pilgrims at Halat Ammar Crossing
Eyewitness News
5 minutes ago
- Eyewitness News
Justice Minister shields NPA boss from performance-based disapproval
CAPE TOWN - Justice Minister Mmamoloko Kubayi has appeared to come out in defence of the National Director of Public Prosecutions, Shamila Batohi, amid increasing criticism of the National Prosecuting Authority (NPA)'s performance in the courts. On Tuesday, Kubayi told the National Assembly that while the public focus appears to be on the defeats suffered, particularly in State capture cases, the NPA's overall performance is being overlooked. She was responding to ActionSA's Athol Trollip, who once again has put pressure on the minister to begin a process for Batohi's removal. ALSO READ: While Batohi is said to have backtracked on using the word 'infiltrated' to explain the performance of some State prosecutors, Trollip is having none of it. He wants Kubayi to suspend Batohi and for Parliament to launch an inquiry into what he views as prosecutorial failures. 'Under advocate Batohi's leadership, the NPA has become a refuge for the politically connected where prosecutions collapse with alarming regularity. Accountability is avoided, and justice is delayed,' said Trollip. But Kubayi says while she understands the public outcry over major cases, the NPA's successes also have to be considered. 'If we look at the number of cases just in a month, almost 99% of cases have gone through successfully, and you find 2% have not gone well.' Earlier on Tuesday, President Cyril Ramaphosa said he's also expecting Batohi to brief him on the problems.
