United Africa Stokvel (UAS) investor Vimla Reddy had to depend on other alleged victims of the investment scheme for food and to fund her treatment for cancer after loosing her savings and dignity.
The fraudulent scheme has left a trail of victims in its wake, stripping investors of their savings, homes and pensions. Daily Maverick is in contact with about 600 investors, 236 of whom have lost a cumulative amount of between R12-million and R22.8-million.
Thousands of investors in financial nightmare after social media stokvel scam capetalk.co.za - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from capetalk.co.za Daily Mail and Mail on Sunday newspapers.
Almost 100,000 people appear to have fallen victim to what seems to be a scam run by the Facebook-based United African Stokvel, which was the subject of a search-and-seizure raid by the Financial Sector Conduct Authority (FSCA) towards the end of June.