- Sappi Online Investment is allegedly using a legitimate insurer’s financial services provider number on Telegram to solicit funds by promising unrealistic payouts.
- Individuals are impersonating authorised provider Mattercap Investments through a Telegram group to solicit investments.
- A person posing as an FSCA lawyer allegedly used Commissioner Unathi Kamlana’s name in letters claiming members of the public could qualify for refunds linked to grants.
The Financial Sector Conduct Authority (FSCA) has issued three separate warnings about suspected investment scams and impersonation schemes.
The warnings concern Sappi Online Investment, people impersonating Mattercap Investments (Pty) Ltd, and an individual pretending to represent the FSCA and its commissioner. The regulator has advised South Africans not to send money to unverified individuals or organisations.
Sappi Online Investment uses Sanlam’s FSP number
The FSCA has cautioned the public to avoid doing business with Sappi Online Investment, also referred to as Sappi Online. This operation uses Telegram to request funds and promises unrealistic returns. The FSCA says Sappi Online claims to be an authorised financial services provider by using FSP number 45741. This number actually belongs to Sanlam Life Insurance Ltd. Sanlam confirmed it is not linked to Sappi Online and does not use Telegram for business.
The FSCA states that Sappi Online is not authorised to provide financial services to the public. The regulator said it was unable to reach the operation using available details. The FSCA urges caution with investment offers on social media or offers received without prior contact.
Individuals impersonate authorised Mattercap Investments
In a separate warning, the FSCA said individuals are impersonating Mattercap Investments (Pty) Ltd, an authorised provider with FSP number 53672. These individuals are reportedly using Telegram to seek investments under Mattercap’s name. The company informed the FSCA it has no connection to the Telegram group’s administrators, who did not respond to enquiries from the regulator.
The FSCA highlights the risk of investment offers from people who use the identity of real financial services providers. The presence of genuine registration details does not prove that a person is authorised to represent that company.
Fake FSCA lawyer promises possible grant refunds
The third warning relates to people alleged to be impersonating the FSCA and its Commissioner, Unathi Kamlana, by contacting the public with offers of possible refunds connected to grant funds. The FSCA received complaints that someone using the name Lucas Ludka was claiming to be a senior lawyer in the FSCA’s Investigations Department and used Commissioner Kamlana’s name on letters sent to the public.
These letters stated that the FSCA had identified grant funds misused by third parties in investment schemes and that affected people might qualify for refunds. Messages about this were sent via WhatsApp from the number 372 5616 2589. The FSCA confirmed it is not involved in any refund process related to grants and that Lucas Ludka does not work for the regulator. The FSCA said it was unable to reach those responsible and is investigating the matter.
FSCA lists warning signs of investment scams
In all three warnings, the FSCA advises the public to check unsolicited offers carefully and to treat promises that seem too good to be true with suspicion. Signs of a scam include unrealistic returns, investment offers made through social media, demands for upfront payments, requests for extra money to release investments, charges for training, pressure to pay quickly, or vague information about the investment product.
The FSCA recommends verifying whether a financial services provider or individual is authorised before doing business. The public can contact the FSCA’s toll-free number on 0800 110 443. Suspected scams can be reported to the FSCA Ethics and Fraud Hotline at 0800 313 626, by email at fsca@behonest.co.za, or at www.behonest.co.za.
The FSCA urges South Africans to stay alert, warning that fraudsters can appear to be legitimate businesses and that many people lose money to scams every year.
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