Investment scheme maintains that ‘everyone will be paid’

Coin-It Trading and Commex Mineral attorney, Mazana Maphumulo, who is the spokesperson for both companies, told the Courier on Tuesday it was untrue that the Dundee-based companies were not registered with the Financial Services Conduct Authority (FSCA).
Speculation has been running after the FSCA released a press statement, warning that both Coin-It and Commex Minerals were being investigated on suspicion of ‘operating fraudulent schemes’ and claimed it was ‘a high likelihood that clients investments may be misappropriated’.
“This comes after the authority [FCSA] was made aware that Coin-It and Commex Minerals are offering investment packages to the public with what appears to be unrealistic returns.

“Neither entity is licensed to conduct financial services, nor to receive deposits from the public,” read the FCSA press release. The allegations have been flatly rejected by Ms Maphumulo.

“Coin-It is still operational. The company has just been having hiccups like in any other business.”

“We have also realised some of the investors have used fraudulent documents as proof of payment when they had not invested. However, I am currently investigating that matter by screening all contracts, ” she explained.

“Coin-It is registered with FSCA and it seems like people have been sending out wrong information to the public. The company has paid a lot of investors and will continue paying them. Those who are using Capitec Bank will be paid and for those using other banks, their payments will reflect after midnight. The FSCA said the matter was under investigation and declined to comment further.

See this week’s Courier for more details.

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