MBABANE – A new online investment scheme promising unusually high returns has emerged in Eswatini and is rapidly attracting interest from hundreds of emaSwati through social media platforms and messaging applications.
Investigations by the Times of Eswatini have uncovered an extensive recruitment drive linked to an entity operating under the name Prestige Wealth Investments, which claims to offer lucrative investment opportunities through cryptocurrency, forex trading and artificial intelligence-powered investment systems.
The investigation established that the scheme is being promoted aggressively through WhatsApp groups, TikTok videos and other social media platforms, where members are encouraged to deposit money in exchange for promises of substantial monthly profits.
Reporters infiltrated one of several WhatsApp groups dedicated to recruiting new members after posing as prospective investors.
Inside the groups, administrators and existing members actively encourage participation, frequently posting messages praising the investment opportunity and urging people to join before they miss out on what is described as a life-changing financial opportunity.
The groups are also flooded with photographs and videos of individuals allegedly displaying items purchased after receiving payouts from the scheme.
Among the items displayed are household appliances, furniture, electronic gadgets and other consumer goods purportedly bought using proceeds generated from the investment programme.
The material is presented as evidence that the scheme is paying participants and is clearly aimed at convincing prospective investors to commit funds.
The Times of Eswatini established that close to 1 000 emaSwati have either joined the various groups linked to the operation or expressed interest in becoming members.
Further investigations revealed that Prestige Wealth Investments markets itself as an international investment platform specialising in cryptocurrency and forex trading.
Promotional material circulated among members claims the company uses sophisticated artificial intelligence-powered trading systems capable of generating consistent profits for investors.
The platform advertises different investment packages based on the amount invested.
According to information shared with prospective investors, participants are promised returns ranging from 20 to 24.8 per cent per month depending on the selected investment package.
Some of the promotional material reviewed by this publication suggests that investors who deposit larger amounts stand to earn significantly higher monthly returns.
The scheme also incorporates a referral structure under which existing members are rewarded for recruiting new participants.
Information circulated within the groups indicates that members may earn commissions for introducing additional investors to the platform.
The referral incentives appear to form a key part of the operation’s growth strategy, with members frequently encouraged to bring family members, friends and colleagues into the programme.
The investigation further established that the operation relies heavily on social proof to attract participants.
Testimonials, videos and screenshots of alleged payments are routinely shared within the groups to create confidence among prospective investors.
Several participants claim to have received payouts from the scheme and openly encourage others to join.
However, financial experts have repeatedly warned that early payouts are commonly used by fraudulent investment schemes to establish credibility and attract larger numbers of investors.
Such schemes often use money received from new recruits to pay earlier participants, creating the impression that the investment is generating genuine profits.
The apparent success of early investors is then used as a powerful marketing tool to attract more participants.
Investigations further established that Prestige Wealth Investments portrays itself as an international company with operations in multiple countries. The entity claims to have a large investor base and substantial assets under management.
*Full article available on Pressreader*
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