Is Whatsapp Gifting Legal in South Africa
In recent weeks, social media has been flooded with promotions and complaints of WhatsApp gifts. Claim: Investing in this program helps create wealth in the community. Fact: Gift clubs don`t create new wealth. The money invested at the lower levels simply goes to the person at the highest level. The only way for participants to get their money back is to bring new people into the program. If the system is closed, the last people who pay will lose all their money. Gift clubs are illegal pyramid schemes where new club members usually offer cash gifts to the most senior members. If you get more people to join, they promise that you will rise to the highest level and receive a much bigger gift than your initial investment. But few people benefit from this program and most people lose their investment. So now, let`s call stokvel gift WhatsApp? You guys?? pic.twitter.com/tMOs1Qf6f5 If you have a complaint about gift clubs, contact us for assistance or call toll-free in North Carolina at 1-877-5-NO-SCAM. Organizers continue to create new names for gift clubs, such as “Friends Helping Friends,” “Women Empowering Women,” “Airplane,” and “Pit Stop,” but these clubs all operate in the same way and are all illegal.
When someone asks you to join a gift club, don`t fall into the trap of their high-pressure sales tactics or high-income stories. Claim: No law will be violated if your gift is in cash and is not sent by the U.S. Postal Service. Fact: Organizers prefer to receive money because it`s hard to track, not because it makes their system legal. – The SARB through the Prudential Authority (PA) in the event of illegal deposit within the meaning of the Banking Law. The AP must therefore investigate whether the Ponzi schemes contain an illegal deposit element. Claim: This program is not a pyramid; It is a circle in which money flows between members. Fact: Gift clubs all meet the definition of an illegal pyramid scheme, despite the jargon that can be used to conceal the true nature of the program.
Claim: This program is legal. Fact: Gift clubs are criminal enterprises. The organizers are guilty of a crime and the participants are guilty of a misdemeanour. You changed WhatsApp Stokvel to #whatsappgifting and think we`re going to join us????????? pic.twitter.com/QlCOQrAmru 5 important facts you need to know before joining a WhatsApp gift group. WhatsApp Stokvels are back, under the name WhatsApp Gifting. The National Stokvel Association of SA (Nasasa) has already warned South Africans that whatsApp Stokvels are most likely Ponzi schemes, as a number of members have complained of being scammed. WhatsApp stokvels are not like traditional stokvels – in fact, they work as a pyramid scheme where participants make money by finding new participants. Another name for a Ponzi scheme is a Ponzi scheme. Pyramid schemes or Ponzi schemes work by recruiting investors, who in turn receive promised payments or returns as they recruit more people. The reality is that the person at the top of the system collects all the money, and those recruited below rarely see all, if any, of what they have been promised.
The first people to join or invest reap the rewards and the others usually lose money. In South Africa, these types of programs are illegal and you should avoid them because your money is not safe with them. WhatsApp gifts encourage people to invest in a Stokvel for R1000 and hope to make huge R6000 profits in less than two weeks. Just like WhatsApp Stokvel, you still have to be careful, especially since it is about large sums of money. The question of whether WhatsApp gifts are a scam has been an ongoing debate. Those who have been paid claim that it is not a scam because they have received what they were promised. “The WhatsApp phenomenon is spreading like wildfire on social media and has particular traction due to the financial uncertainty caused by COVID-19. These are offered in the form of mutual aid, gifts, stokvels, investments, but they all have at least two things in common: recruiting members and promising quick and easy money,” he says. Hello. My name is Sarah and I have already been a victim of WhatsApp Stokvel ???????????????? Even though some might refer to the WhatsApp gift as a stokvel or investment group, Stevens says it doesn`t meet the requirement to be classified as such. People in this green app fall again for the R200 WhatsApp Stokvel program.
pic.twitter.com/LwNSX9aeLJ “Pyramid schemes are illegal under the Consumer Protection Act 68 of 2008 43 (2). Victims of these scams can lay charges of theft, fraud, reckless trade, falsification and enunciation, tax evasion, violation of the Gambling Act, violation of the Companies Act and violation of the Bank Act against the founders, or anyone who should have realized that it was a pyramid scheme,” Stevens explains. .
