Tag Archive | "fraud"

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BMW SA Warns Of Bogus Investment Scam

Posted on 22 January 2011 by Scott Hayes

BMW South Africa has become aware of a scam claiming to sell shares to previously disadvantaged people.

The scam, allegedly operated by a company called World Trade Consortium, claims to be in partnership with BMW to sell shares by requesting people’s ID numbers and banking details to deduct a R450 administration fee for the first month and then instalments of R68.

BMW SA warns the public not to be tricked by the scam. Any person who is contacted by the consortium, or people associated with the scam, must contact their nearest police station immediately.

South African citizens cannot easily buy BMW shares, because of the exchange control legislation. BMW shares can only be acquired through the German stock index (DAX).

Source: BMW South Africa

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