People who invested their retirement funds in an allegedly bogus investment company have accused authorities of not doing enough to help them.The Daily Dispatch last year reported that a number of people, mostly teachers, lost between R100000 and R500000 each when they invested in Ntinga Health and Financial Services CC, trading as AQNO Trading and Investment Scheme.
Ntinga, which is registered in Cape Town but has offices in Butterworth, is run by Thando Mazizi and Gcinisiko Mantshi.
The latest victim to come forward is Thamsanqa Pamla of Cala, who claimed to have invested R300000 in Ntinga.
“I need my money back. I was advised to go to the police and I made my statement,” said Pamla.
Nomalanga Dsasopu said her mother was “patiently waiting for her money”.
“She was promised R8000 per R100000 she invested and that only happened for three months before the funds apparently dried at Ntinga. What are police and authorities doing?” said Dsasopu, whose mother allegedly invested R450000.
Three months ago, the Asset Forfeiture Unit (AFU) announced a plan to attach Mazizi’s property.
Yesterday it was confirmed that the company’s bank accounts had been been frozen.
AFU’s Feroze Latif said it was alleged thousands of people invested money with the scheme and many had come forward.
“We’ve frozen the company’s accounts, that we can confirm. Thousands of people have invested their money but not all the money will be recovered.”
Latif said AFU was working with the Hawks.
“When criminal charges have been laid against Ntinga directors by the Hawks, then we will be able to move in and attach all Ntinga properties,” he said.
Last year the Financial Services Board cancelled Ntinga’s operating licence. The financial regulator alleged Ntinga was operating a fraudulent Ponzi scheme in which operators paid returns to investors from capital received from new investors, rather than profits earned.
Ntinga’s legal representative, Buhle Tonise of Tonise Attorneys, yesterday said negotiations with the authorities were at an advanced stage to finalise processes leading up to the release of funds to the investors.
“Until such time that the processes are finalised, the bank accounts are under the control of the authorities. We have no knowledge of any writ of execution that has been granted against any of our clients’ properties, neither has there been an application filed to that effect,” said Tonise.
Hawks national spokesman Brigadier Hangwani Mulaudzi could not be reached for comment yesterday to confirm if any criminal cases had been opened against the directors of Ntinga.
lThe AFU can be contacted via e-mail: flatif@npa.gov.za or phone (011) 220-4010. — bonganif@dispatch.co.za
Investors blame authorities as probe drags on
The Daily Dispatch last year reported that a number of people, mostly teachers, lost between R100000 and R500000 each when they invested in Ntinga Health and Financial Services CC, trading as AQNO Trading and Investment Scheme.
Ntinga, which is registered in Cape Town but has offices in Butterworth, is run by Thando Mazizi and Gcinisiko Mantshi.
The latest victim to come forward is Thamsanqa Pamla of Cala, who claimed to have invested R300000 in Ntinga.
“I need my money back. I was advised to go to the police and I made my statement,” said Pamla.
Nomalanga Dsasopu said her mother was “patiently waiting for her money”.
“She was promised R8000 per R100000 she invested and that only happened for three months before the funds apparently dried at Ntinga. What are police and authorities doing?” said Dsasopu, whose mother allegedly invested R450000.
Three months ago, the Asset Forfeiture Unit (AFU) announced a plan to attach Mazizi’s property.
Yesterday it was confirmed that the company’s bank accounts had been been frozen.
AFU’s Feroze Latif said it was alleged thousands of people invested money with the scheme and many had come forward.
“We’ve frozen the company’s accounts, that we can confirm. Thousands of people have invested their money but not all the money will be recovered.”
Latif said AFU was working with the Hawks.
“When criminal charges have been laid against Ntinga directors by the Hawks, then we will be able to move in and attach all Ntinga properties,” he said.
Last year the Financial Services Board cancelled Ntinga’s operating licence. The financial regulator alleged Ntinga was operating a fraudulent Ponzi scheme in which operators paid returns to investors from capital received from new investors, rather than profits earned.
Ntinga’s legal representative, Buhle Tonise of Tonise Attorneys, yesterday said negotiations with the authorities were at an advanced stage to finalise processes leading up to the release of funds to the investors.
“Until such time that the processes are finalised, the bank accounts are under the control of the authorities. We have no knowledge of any writ of execution that has been granted against any of our clients’ properties, neither has there been an application filed to that effect,” said Tonise.
Hawks national spokesman Brigadier Hangwani Mulaudzi could not be reached for comment yesterday to confirm if any criminal cases had been opened against the directors of Ntinga.
lThe AFU can be contacted via e-mail: flatif@npa.gov.za or phone (011) 220-4010. — bonganif@dispatch.co.za
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending Now
Latest Videos