Anonymous whistleblower exposes Banxso clone scam preying on SA investors

Loading player...
An anonymous whistleblower has come forward with troubling details about Banxso, an online investment platform accused of deceptive practices and linked to deepfake ads featuring well-known personalities like Johann Rupert and Hashim Amla. The whistleblower, a senior figure in the financial sector, described a suspicious encounter with Afrimarket, a platform with striking similarities to Banxso, including an alleged shared chief operating officer. After responding to a Facebook ad, he was pressured to invest without transparency around risk profiling or the expertise of his assigned "advisor." His findings raise concerns that Afrimarket could be a rebranded clone of Banxso, targeting South Africans with aggressive sales tactics to exploit unsuspecting investors.

Sign up for your early morning brew of the BizNews Insider to keep you up to speed with the content that matters. The newsletter will land in your inbox at 5:30am weekdays. Register here.
29 Oct 2024 10AM English South Africa Investing · Business News

Other recent episodes

Ryan Passmore - The "Missing Middle"

In this interview with BizNews, Ryan Passmore – Durban-based fintech founder of ZenFund Connect – unpacks why he believes South Africa's student funding system is broken, and how he proposes to fix it. Passmore points to the "missing middle": households earning between R350,000 and R600,000 a year, who are too…
8 May 5AM 15 min