FSCA issues warning after Identity highjacking scam attempted on SA investment firm

Published: Thursday, June 11, 2020

Banking EconomyFinancial Services Security

Covid-19 has seen a marked rise in investment scams targeting unsuspecting South Africans. The latest scam involves a method of fraud known as ‘identity hijacking’ where a prominent individual’s identity is used fraudulently by criminals posing as well-known financial institutions to extract money from individuals.

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The Ponzi-style scheme operates on Whatsapp and is being perpetrated against investment company Alumni Energy Investments.

In a statement issued today (9 June 2020), The Financial Sector Conduct Authority (FSCA) has warned the public to be cautious when dealing with individuals who are fraudulently impersonating Alumni Energy Investments to dupe members of the public. 

“The FSCA received information that individuals are attempting to use Alumni Energy Investments’ name to fraudulently solicit money from people on WhatsApp. The scam is communicated on WhatsApp and offers its investors immediate returns within 24 hours. The scam also illegally uses the name of Alumni CEO, Mr Shakes Motsilili to mislead victims.”

Alumni Energy Investments has issued a warning statement on their website and has opened a criminal case. The company also advises existing and potential investors that it will only accept new investment queries on email using the info@alumnienergy.co.za email address.

See full statement by FSCA below:


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