United African Stokvel Investors Grieve Losses After Funds Fraud, Desperate to Recover Their Money

• Victims allegedly defrauded in the United African Stokvel scam have expressed unwavering hope for justice, longing for the return of some of their funds
• The stokvel claimed that returns from investments would be used to reimburse clients, with specific investors promised that their funds would triple in value
• While the victims hold onto hope for justice, they recognise the possibility of not recovering all their funds

Investors reportedly deceived in the United African Stokvel scam have expressed their steadfast hope for eventual justice, yearning for the return of even just a portion of their funds.

Numerous individuals throughout South Africa invested in the Bryanston-based stokvel, which advertised on social media as a digital investment group funnelling clients' funds into real estate and telecommunications. It asserted that returns from these investments would be utilised to compensate clients. Certain investors were assured that their funds would triple in value.

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A victim who was caught in the scam spoke to TimesLIVE and said that she had been monitoring the stokvel since 2019 and had observed comments and testimonials from investors who had received returns.

"Two factors caught my eye: there was a seminar in Sandton back in 2019, before the lockdown, featuring United Stokvel banners, prompting me to seek more information. Upon encountering them again on Facebook, I became convinced of their legitimacy."

She remains hesitant to disclose her financial loss to her husband.

While the victims harbour hopes for justice, they acknowledge the possibility of not recovering all their funds.

Caution: Guard your December stokvel savings from thieves

The South African Banking Risk Information Centre (SABRIC), representing the banking industry, cautions members of stokvel social clubs to exercise heightened vigilance. A series of armed robberies occurred nationwide following the withdrawal of stokvel funds for distribution.

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From 2014 to December 2017, SABRIC received reports of 53 stokvel robbery incidents, with 77% occurring during the festive season. As the holidays approach, criminals are more inclined to target members who receive payouts during this time.

Additionally, criminals are aware that people may be less vigilant and more prone to carrying significant amounts of cash as they wind down for the holidays.

December stokvel bounty wows Mzansi with abundant haul

Previously, Briefly News reported that a TikTok clip unveiling a stokvel's year-end grocery haul stirred a frenzy among online users.

The stokvel innovatively merged food, meat and alcohol in their December purchases, prompting users to commend the organisers for their unique approach. Comment sections buzzed with approval for the stokvel's strategy.

Source: Briefly News