Five aircraft, one car and 11 pieces of land were seized on Thursday as the Asset Forfeiture Unit in KZN swooped on a dodgy investment firm.
National Prosecuting Authority KZN spokesperson Natasha Kara said the matter was in connection with the contravention of the Financial Advisory and Intermediary Act. “As a result of the advertisements, a number of people deposited funds into Coinit’s bank accounts. In terms of the Financial Advisory and Intermediary Act and the Banks Act, Coinit was not authorised to accept deposits from the investors.
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