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She Went From Driving A Mercedes To Living In A Shack Because Of Dangerous Scam You Should Aware Of

Thembi Nene, a widow, placed her late husband's pension in a plan advised by a neighbor, she thought to be in for a wonderful life.She borrowed money to buy a house and a high-end vehicle. Her house and vehicle have been repossessed, and the Dundee-based firm that supposedly was engaged in investing in operating trucks no longer exists. Home is now a "mjondolo" shanty in Uganda's informal community near Mariannhill.

She needs to borrow money for taxi rides to Pinetown or Pietermaritzburg, as she did previously to follow the Coin-It case's court procedures. In February of last year, the business behind the suspected pyramid scam that drew hundreds of investors was provisionally dissolved. So far, the National Director of Public Prosecutions has secured three preservation orders under the Prevention of Organised Crime Act to freeze assets acquired directly and indirectly using money received from investors by Coin-It.

"These assets were purchased with funds provided by Coin-It, which were obtained from investors under the guise that their funds would be used to purchase earthmoving equipment, trucks, and heavy-duty vehicles, and that these vehicles would be leased to third parties," according to a statement issued on behalf of one group of investors. Investors were promised that these earnings would benefit them. It went on to add that the liquidators had discovered no proof that Coin-It had ever obtained such equipment or cars. "During June 2019, Coin-It began to run out of cash to pay investors, prompting some of the investors to file for liquidation." According to reports, three investors committed suicide as a result of their losses.

According to one of the parties seeking a revocation of the asset forfeiture order, Coin-It is no longer in operation, and when reached for comment, the lady who answered the phone indicated she had been advised not to speak. Meanwhile, another group of investors is supporting the firm director's plea to the Pietermaritzburg High Court on Tuesday for the asset forfeiture order to be revoked. They hope this will provide them access to papers that would help them recover money. Nene, a member of this group, was overcome with emotion when she met the Independent on Saturday after borrowing taxi money to get to Pinetown. Please let us know what you think about this in the comment section below, do not forget to like, share and follow.

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Coin-It Mariannhill National Director of Public Prosecutions Pietermaritzburg Thembi Nene


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