Members of the Eagles “stokvel”, which collapsed at the end of last month, are still demanding their money from administrators.
The Daily Dispatch reported last month how Eagles, a pyramid investment scheme modelled after the notorious MMM, was started by Nkonkobe municipality employees.
It attracted hundreds of Fort Beaufort, East London, Port Elizabeth and KwaZulu-Natal “investors”.
To take part in the scheme, participants had to pay R2500 and were promised that within 48 hours a 100% interest payment of R2500 would be made, while their original R2500 would be kept in the scheme’s account.
Members interacted on WhatsApp and every Monday and Friday a portion provided R2500 to another portion of the member base and confirmed payments on the group.
Everything fell apart at the end of last month when those meant to pay money to others did not do so.
Members accused it of being a Ponzi scheme with payments dependent on new recruits.
Yesterday members said an administrator deleted people from the old group and opened a new group called Eagles Return, with the hopes of money being returned to them.
One member – who spoke to the Dispatch on condition of anonymity for fear of victimisation – said the main administrator, an employee at Nkonkobe municipality’s finance department, had been telling members in the new group to ask for their money back from those they had paid.
On WhatsApp voice notes shared with the Dispatch, an administrator can be heard explaining to new members how the stokvel works.
She says that each new member will have to pay R2500 to an existing member, and within 48 hours the new member will be paid R5000 back – but half is kept in the stokvel account as a safety net to pay out people should the scheme collapse.
Pictures circulating in the group reveal a May bank statement showing that the bank account had a balance of close to R111000.
However, on May 24 R110000 was transferred from the account into the main administrator’s account.
“We just want them to take this money and divide it among those of us who still need to be paid out, even if it’s not the whole R2500,” said a member.
‘Stokvel’ members on mission
The Daily Dispatch reported last month how Eagles, a pyramid investment scheme modelled after the notorious MMM, was started by Nkonkobe municipality employees.
It attracted hundreds of Fort Beaufort, East London, Port Elizabeth and KwaZulu-Natal “investors”.
To take part in the scheme, participants had to pay R2500 and were promised that within 48 hours a 100% interest payment of R2500 would be made, while their original R2500 would be kept in the scheme’s account.
Members interacted on WhatsApp and every Monday and Friday a portion provided R2500 to another portion of the member base and confirmed payments on the group.
Everything fell apart at the end of last month when those meant to pay money to others did not do so.
Members accused it of being a Ponzi scheme with payments dependent on new recruits.
Yesterday members said an administrator deleted people from the old group and opened a new group called Eagles Return, with the hopes of money being returned to them.
One member – who spoke to the Dispatch on condition of anonymity for fear of victimisation – said the main administrator, an employee at Nkonkobe municipality’s finance department, had been telling members in the new group to ask for their money back from those they had paid.
On WhatsApp voice notes shared with the Dispatch, an administrator can be heard explaining to new members how the stokvel works.
She says that each new member will have to pay R2500 to an existing member, and within 48 hours the new member will be paid R5000 back – but half is kept in the stokvel account as a safety net to pay out people should the scheme collapse.
Pictures circulating in the group reveal a May bank statement showing that the bank account had a balance of close to R111000.
However, on May 24 R110000 was transferred from the account into the main administrator’s account.
“We just want them to take this money and divide it among those of us who still need to be paid out, even if it’s not the whole R2500,” said a member.
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