Finquest Holdings Leaves Many Scammed

Finquest Holdings Leaves Many Scammed

Finquest Holdings Leaves Many Scammed

Self-proclaimed Financial Service Provider (FSP) Finquest Holdings, which had its offices in Soweto’s Protea Glen has left at least a hundred people high and dry after they realized it was a Ponzi scheme.

Bank accounts of the ‘company’ have since been closed and their offices don’t have anything inside. A certain lady has since lost R54 000 with another one citing that she lost R20 000 which was meant for paying bride price in December.

Although thousands have just vanished into thin air many are still hopeful that they will get their investments back as they are constantly messaging and calling the ‘company.’

However, Joseph Selolo, Director of Prosecutions at the National Consumer Commission has urged people to be wary of such Ponzi schemes.

“They go and make these presentations well dressed driving nice cars they look the part however, people need to understand that you can’t get rich overnight unless you win the lotto,.the first line of defense for a consumer is the consumer so the consumer needs to conduct all the checks and balances before venturing into such an investment as well as contacting the National Consumer Commission but there has been a lot of awareness raised on this issue but it seems as if people are not taking heed it’s like they enjoy being scammed.

Moreover, I think it’s also time that we now not only pursue the scammers but for the consumers themselves because they are also involved, for the scam to transpire it means they are consumers involved and also some consumers keep on venturing into these schemes regardless of being scammed time and time again,” said the Director of Prosecutions.

The ‘company’ is said to be now in Durban where it’s conducting yet another Ponzi scheme with potential investors wooed by being told that if they invest their money they get a hundred percent profit within three or six months.


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