leeroy mupariri
Last week, the Financial Sector Conduct Authority (FSCA) issued a warning against Tiger Agriculture, a pyramid scheme pro
On Sunday, the team leaders of the Tiger scheme started promoting Farm Home Stead, an exact replica of the scheme, but based on farm animals instead of plants.
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The new scam uses the exact same website layout, and simply replaced the pictures of plants with pictures of cows, pigs and chickens.
On Wednesday (11 November), a Tiger Agriculture Facebook group announced the launch of Ford Car Rentals, also using the exact same website layout as Tiger Agriculture and Farm Home Stead.
“New baby just landed,” it said about Ford Car Rentals, sporting pictures of vehicles where the plants and farm animals used to be.
The sales pitch and modus operandi of the schemes are all the same. People are invited to join small groups of investors to invest in seedlings/animals/cars, and entice others to join too.
Impossible returns
Tiger Agriculture says on its website that its internet-based sharing economy model allows small farmers and other people to adopt seedlings and share in the profits.
However, the profits seem impossible. It promised that investing R820 in strawberry plants would yield a return of R42,64 per day for a period of 48 days – for a total return of R2 046.
That equates to a massive 250 percent over 48 days.
People are promised more money in the form of commissions if they recruit new members, which led to a barrage of advertisements on social media by people who were already involved in the scheme. It involves a standard sign-up form with a code to identify the recruiter for the purpose of allocating their commissions, with everyone looking to get 10 members onto their team.
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The FSCA said in its warning that it had come to its attention that Tiger Agriculture may be unlawfully offering members of the public investment into agricultural products, offering profitable returns of up to 257 percent per month upon maturity of the agricultural products.
“Tiger Agriculture uses referrals and videos on YouTube, TikTok, its website and Facebook (social media platforms) to solicit investment from members of the public into its scheme.”
Without commenting on the business of Tiger Agriculture, the FSCA pointed out that Tiger Agriculture is “not authorised to render any financial services related business in terms of any financial sector law”.
Failing
By the time the FSCA took action, the Tiger Agriculture scheme was already failing. Many victims already realised they had lost their money.
“I recharged last week Thursday but the money has not reflected yet,” writes one unhappy investor. “I sent proof of payment but still nothing. My team leader is not responding.”
Another also realised something was amiss: “I am so worried. My R2 100, my gosh. Even the manager isn’t replying to my messages. I don’t know what to do now.”
A more experienced ‘investor’ had some good advice for those complaining that they have not received their daily returns. “I have been on these platforms for years now. There is a time to join and a time to leave,” she wrote.
“They only last four to six months. It is already overdue. That’s why you see specials. That’s a huge red flag. They are collecting and (I) am sure (by) Monday it’s done,” she warned.
In the comments of one Facebook post it – Moneyweb
