R4 billion Coin-it get-rich-quick scheme ends in tears, suicides

Ina Opperman
People took notice when the Asset Forfeiture Unit attached a plane, helicopter, car and properties to the value of R106 million last week.
Coin-it helicopter loaded on a truck. Picture: Asset Forfeiture Unit
To most of the country Coin-it Trading was simply another in a long list of get-rich-quick schemes which results in a laugh from those who think they’re too smart to fall for these kind of scams.
But for many people, especially those in KwaZulu-Natal, who invested their inheritances, retrenchment packages, borrowed money, or savings in Coin-it Trading to an estimated R4 billion, the company’s collapse is no laughing matter.

Related Keywords

Swaziland ,De Beers ,Free State ,South Africa ,Kwazulu ,Eastern Cape ,Natal ,Nelson Mandela ,Facebook ,Financial Services Conduct Authority ,Commex Minerals ,Coin It Trading ,Malcolm De Beer ,Patricia De Beer ,Asset Forfeiture Unit ,ஸ்வாஸிலெஂட் ,டி பியர்ஸ் ,இலவசம் நிலை ,க்வஸூல்யூ ,கிழக்கு கேப் ,நேட்டல் ,நெல்சன் மண்டேலா ,முகநூல் ,நிதி சேவைகள் நடத்தை அதிகாரம் ,நாணயம் அது வர்த்தக ,சொத்து பறிமுதல் அலகு ,