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South African Law Agencies Busts Homes Of Prime Suspects Behind A Ponzi Crypto Scheme

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Oct 30, 2020
South African Law Agencies Busts Homes Of Prime Suspects Behind A Ponzi Crypto Scheme

FSCA along with local policemen raided the houses of key suspects who were alleged to be operators of a crypto-Ponzi scheme in South Africa. Two persons have been caught who are accused to be the key operators of Mirror Trading International (MTI).

Financial Sector Conduct Authority (FSCA) of South Africa is the sole regulator of financial matters in the country. The latest news confirmed that on Monday, October 26th, FSCA along with local police had conducted a raid.

Raid was conducted to apprehend principal suspects who were alleged to be operators of a Ponzi scheme known as MTI. At least two persons were caught who were possessing valuable electronic devices and various computers. The belongings were immediately seized by the officials of local police.

Earlier, FSCA had issued instructions to the customers of MTI that they should immediately withdraw their funds. FSCA alleged that the company was operating without obtaining a license from the regulator.

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Later on, Global Crypto told that a telegram message was circulated amongst the customers of MTI. The message was received from an unknown person stating that further raids will be carried out to malign MTI. However, the message ended with the note that MTI will continue its business.

In the meanwhile, another message was received. This time it was a voice message purported to be from Cheri Marks – a female who was arrested during the raid. In her message, she confirmed that the raid took place and assured the return of funds to MTI customers.

Earlier MTI and its members were refuting the allegations leveled against them. They said that the media is trying to defame their reputation and jeopardize their legitimate business. They also told that even the local and international organizations are bent upon destroying their business by labeling MTI as fraud.

On the other hand, an online independent intelligence bureau of South Africa had also enlisted MTI as a Ponzi scheme. This initiated a debate on an online forum wherein members were found debating about the ongoing tussle between MTI and FSCA. One of the members said that the message from Chery Marks is not something new. Such messages appear often when perpetrators are caught and customers find no recourse against their lost money, the member told.

However, the arrested persons are still under interrogation and their statements will be soon made public.

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