NABEELAH SHAIKH
Durban - There seems to be no light at the end of the tunnel for the thousands of investors who put money, often their life savings, into Carmol Distributors and Innovatech International Solutions, which are alleged to be running Ponzi schemes.
The South African Reserve Bank confirmed that the companies were under investigation for contravening the Banks Act and operations at Carmol Distributors had been suspended by a court order obtained under Section 81.
Nosipho Theyise, spokeswoman for the reserve bank, could not say if investors would get back their investments or get returns.
The Sunday Tribune reported last week that Carmol Distributors, a company owned by Yunus Moolla which deals with the sale and distribution of diesel products, issued a letter to investors saying they would not be paid until the investigation was completed.
This week at least 90 investors contacted the Sunday Tribune expressing concern about their investments.
One investor, Henry Samuels, said he had invested R60 million in Carmol on behalf of a religious organisation which he did not want to name and that he was very concerned about the money.
Another investor, Nazeer Mia, put R340 000 into Carmol in July.
“All I want is my capital back,” said Mia.
Another investor, Bradley Moopanar, put R140 000 in the scheme and he said he had been confident about the investment because he knew of many lawyers who were investing in Carmol and he had sought their advice before investing.
“I was always paid my returns on the investment and as long as I saw my returns, I was pleased. Now I am worried,” he said.
Meanwhile Innovatech boss, Prinasen Dhaver, 29, appeared in the Durban Commercial Crime Court on Wednesday for contravening the Banks Act. The matter was postponed to June 25 for further investigation.
Moolla’s phone was switched off throughout the week and he could not be reached for comment.
* For more information, investors can call 011 772 4100 for Carmol Distributors and 011 772 4101 for Innovatech.
Sunday Tribune