QZ Asset Management: South Africa watchdog warns against Chinese scheme

It is necessary to take care the things before investing your hard-earn money in investment schemes. There are many cases that have been shared in the past which show that big firms make the fool of people by showing them that they can earn good money with just small investments. We are not saying that all the companies are fraud but some of them actually found fake. That is why think twice before investing the money in the scheme and don’t forget to cross-check the details of the company. However, sometimes even after taking all the precautions, the company get succeed in making a fool of people.

QZ Asset Management

Now, you all must be thinking that we are talking about it, so the reason is that recently, the financial watchdog of SA has warned the public against doing business with QZ Asset Management. It is a Chinese multi-level marketing scheme that organized lavish investment drives at upmarket Johannesburg and Durban hotels. According to the reports, this warning has been issued after the Financial Sector Conduct Authority (FSCA) states that they had gotten several complaints from the clients on the ground that they had been facing some issues with this firm.

As per them, they had been not able to withdraw funds after the website of QZ went offline. Now this caused a panic amongst the clients of the firm and they started complaining about it. After receiving the complaint, it states that “The FSCA can assert that QZ Asset Management is not registered and authorized under any legislation administrated by Prudential Authority and FSCA.”  Apart from it, the watchdog further added that it had introduced a probe into the scheme. The report states that over 3500 individuals have also signed the petition online in which they condemn and criticize the group and its directors for “maliciously and purposely defrauding their investors.”

This news is currently trending on the web and people are sharing their experience with the firm. The social media posts show that QZ Asset Management held events in which the local promoters of the firm spoke about the scheme, which asserted to be able to tetrad investments in the week. A Promoter made a statement recorded in the video stating that “I am so blessed to be among leaders who are directing with transparency and integrity.” He further added that the leaders are not afraid of any of the negative news that making rounds on the web.”

Even after watching negative news, the promoter kept on promoting the scheme by stating that “Guyz, don’t be afraid or diverted your mind. This platform is quite wonderful and amazing. It has changed the lives of so many individuals. With what is coming, we are surely going to make a lot of multi-millionaires.”