Investors of an alleged pyramid scheme were left fuming after staff from City Financial Trading reportedly vacated their office during Wednesday night, 7 November.
The company which was located on Ennis Street reportedly promised investors double returns of what they invest and had called the clients to collect their cash on Thursday, 8 November.
However, when investors arrived, the office had been closed down with no forwarding address and phones lines cut-off.
According to Mr Vincent Sonnekus, one of the clients, the company operated at an office in Ennis Street with sales agents approaching people on the street to persuade them in investing in the company.
“I tried my luck and put in R3 000 and I got R6 000 out of it,” Mr Sonnekus said.
He further added that after his initial investment, he used the profit he had made to make more money thru the company, so this is not that huge a loss for him.
However, that is not the case with other investors who have lost a whole lot to the company.
A woman, who wants to remain anonymous, lost R20 000.
“I began investing in August and it was working so well for me that I am shocked they would leave us hanging like this,” she said. The woman is one of many who lost large amounts of money.
According to the investors, other people had invested more than R80 000.
Capt Carla Prinsloo, the spokesman for the Ermelo Police, confirmed that a case of fraud is being investigated and 11 people have already given statements.
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