Five alleged pyramid schemes, believed to have fraudulently netted hundreds of millions of rand, are being investigated in KwaZulu-Natal.
Auditing firm Thabani Zulu and Company was commissioned by the Reserve Bank to investigate the operations of Shining Future, Larjent, Igiya, Cashflow and TVI Express.
One of the schemes, TVI Express, also known as Travel Ventures International, sold travel vouchers which purportedly give recipients significant discounts for international travel and accommodation. TVI, owned by Parun Trika of India, first reared its head in London and later had dozens of franchises around the world. TVI Express has since been declared a pyramid scheme in Australia, London and the US.
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