Gollong Investment looks very much like a Ponzi operation
“Do you think it will last until December?” This is Edward’s* main concern. Two months ago he invested R500 in a new get-rich-quick scheme, Gollong Investment.
It was all the money he had, but he was desperate to try something to make some extra cash.
After just 40 days, Edward, from Thohoyandou in Limpopo, received a notification that his balance with Gollong was now R800, showing a welcome R300 profit. The investment generated a 60% return, not bad going for just over a month.
Edward was so impressed with how his “investment” had performed, that instead of cashing in he decided to re-invest the full amount, along with a further R1,500 he borrowed from a family member. Now he must wait 50 days for what he expects will be a payout of R5,250, a staggering R3,250 profit on the R2,000 invested.
“Some say it’s a Ponzi scheme,…