FSCA Warns Public About Lethabo Molefe’s ‘Investment Scam’

Johannesburg – The Financial Sector Conduct Authority (FSCA) has alerted the public about a possible scam involving Lethabo Molefe, who promises clients substantial returns of thousands of rand for a minimal investment.

What’s Going On?

• Molefe is promoting R9,000 returns on an initial R900 investment across various Telegram groups.
• Deposits are directed to a Capitec Bank account registered under Mr. Thato Rapelego.
• Rapelego claims that his account has been misused without his consent.
• Neither Molefe nor Rapelego possesses the required authorization to offer financial services.

FSCA’s Advisory

• Unrealistic returns should trigger caution – always remain vigilant.
• The FSCA is looking into the matter and will collaborate with the South African Police Service (SAPS).

How to Safeguard Yourself

Verify Authorization – Only interact with providers approved by the FSCA.

Confirm FSP Numbers – Ensure they correspond with those in the FSCA database.

Steer Clear of Social Media Offers – Exercise caution with unsolicited investment opportunities.

Steps to Confirm a Provider’s Credibility

1. Contact FSCA: 0800 110 443 (toll-free).
2. Search online: Consult the list of Regulated Entities.

Remain alert and report any dubious schemes to the FSCA

“To reduce unnecessary risks, the public should avoid seeking financial advice, support, or investment opportunities from individuals or organizations that lack FSCA authorization,” warned the FSCA.

“Authorized financial service providers must clearly display their authorization status in all documents.”

“If this information is absent, it is prudent to conduct further inquiries before making any payments.”

*This article was originally published in our sister publication techfinancials.co.za