PROJECT: COMMODITY INVESTMENT SCAMS
- isabels39
- May 23
- 5 min read
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South African consumers are increasingly falling victim to sophisticated commodity investment scams, where fraudsters promise lucrative returns on investments in gold, diamonds, oil, and other natural resources. These scams, often disguised as legitimate financial opportunities, are causing substantial financial losses across income levels.
SSS issues repeated warnings about scams as part of our commitment to protecting the South African public.
The high volume of complaints and reports we receive from affected individuals prompts these alerts.
EXAMPLES:
PRECIOUS METALS AND GEMSTONE SCAMS:
Scammers impersonate high-profile businesspeople in the mining sector, claiming to offer lucrative investment opportunities in precious metals or gemstones.
They may arrange chance meetings and present polished stones resembling raw materials, accompanied by fake certificates of authenticity issued by accomplices posing as assessors.
Investors are enticed to purchase these items, believing they are making a legitimate investment.
A recent example is the case of Louis Liebenberg, who allegedly ran a fraudulent diamond investment scheme that promised high returns but resulted in substantial financial losses for many South Africans.
Scams like Mr. Liebenberg’s thrive in South Africa owing to:
High public trust in commodities like gold and diamonds.
Poor financial literacy in some sectors.
Weak enforcement against unregulated financial products.
IMPERSONATION OF FINANCIAL INSTITUTIONS:
Fraudsters create fake investment schemes, often on platforms like Telegram, impersonating reputable financial institutions such as Sanlam.
They lure victims with promises of high returns and use the credibility of these institutions to gain trust.
Once individuals invest, the scammers disappear with the funds.
MIRROR TRADING INTERNATIONAL (MTI) CRYPTOCURRENCY SCHEME:
MTI was a South African cryptocurrency trading platform that promised automated trading services with significant returns.
It was later declared a pyramid scheme by the South African High Court.
The platform attracted over 100,000 investors worldwide, leading to substantial financial losses when it collapsed.
MANDLA LAMBA'S AGILITEE AND RELATED VENTURES:
Mandla Lamba resurfaced in 2021 as the founder of Agilitee, an electric vehicle manufacturer.
He promoted investment opportunities in Agilitee and other ventures, promising high returns.
The Financial Sector Conduct Authority (FSCA) issued warnings stating that Lamba and his companies were not authorised to provide financial services, and investors reported difficulties contacting the company after investing.
MODUS OPERANDI:
Scammers typically promote these fraudulent schemes through well-designed websites, social media advertisements, WhatsApp groups, and fake testimonials.
They may present themselves as registered entities, showcasing forged documents such as Financial Sector Conduct Authority (FSCA) licenses or Certificates of Incorporation.
These scammers promise guaranteed high returns—sometimes as much as 30% or more within weeks or months—claiming to use investor funds to trade high-value commodities.
However, there is little to no actual trading happening.
Early investors might receive small returns, but this is usually a tactic to build trust and attract further deposits.
Eventually, withdrawals become delayed or completely blocked as the scammers disappear with the funds.
WHO IS BEING TARGETED?
One of the alarming aspects of these scams is their reach.
Both high-income and low-income individuals are being exploited.
Low-income earners, desperate to improve their financial situations, are particularly vulnerable to promises of fast and easy returns.
Meanwhile, high-net-worth individuals can be lured by the apparent professionalism of the platforms and the illusion of exclusivity.
COMMON WARNING SIGNS:
GUARANTEED HIGH RETURNS:
No legitimate investment can promise fixed, high-profit margins without risk.
URGENCY TO INVEST:
Scammers often apply pressure to "act fast" or miss out.
COMPLEX OR HIDDEN COMPANY DETAILS:
Verifying company registration or contact information is difficult.
TROUBLE WITH WITHDRAWALS:
Excuses when you try to cash out your "profits."
HOW TO PROTECT YOURSELF:
VERIFY LICENCES:
Always confirm that the investment firm is registered with the FSCA by visiting their official website or contacting them directly.
CONSULT EXPERTS:
Speak to a licensed financial advisor before investing any money.
BE SCEPTICAL OF SOCIAL MEDIA PROMOTIONS:
Just because others share positive experiences does not mean it is legitimate—many testimonials are fake or part of a scam.
REPORT SUSPICIOUS SCHEMES:
If you suspect a scam, report it to the South African Fraud Prevention Service (SAFPS), SABRIC, or Yima.org.za.
If it sounds too good to be true, it probably is.
Commodity investment scams are part of a growing trend.
These scams prey on hope and financial desperation.
Stay informed, stay cautious, and protect your hard-earned money by doing your homework before investing.
Specialised Security Services invites the public to the Mike Bolhuis Daily Projects WhatsApp Channel.
This channel is important in delivering insights into the latest crime trends, awareness, warnings and the exposure of criminals.
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Regards,
Mike Bolhuis
Specialist Investigators into
Serious Violent, Serious Economic Crimes & Serious Cybercrimes
PSIRA Reg. 1590364/421949
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E-mail: mike@mikebolhuis.co.za
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