Scam: Trouva “Investment” Collapses

Trouva, a fraudulent scheme that duped many South Africans into investing large sums of money with promises of unrealistic gains, has finally collapsed.

On Thursday, 3 October 2024, numerous so-called investors in the ill-fated scam reported that Trouva was not allowing withdrawals. Instead, the platform demanded further deposits under the guise of “identity verification.”

WhatsApp messages from individuals behind the Trouva scam claimed that, as part of so-called compliance requirements and efforts to “flush out false accounts,” users were required to deposit R2,650 to verify their identities.

These “identity verification” fees varied, with some victims receiving messages quoting amounts like R2,730, R2,280, R3,050, and other random figures.

The messages were sent from UK-based phone numbers, adding a further layer of deception.

In the aftermath, many users, realising they had been scammed, began encouraging each other to report the incident to authorities and their banks.

One user posted on Facebook, “The Hawks need to know about this,” while another, disheartened, wrote, “It’s clear we’ve been scammed, simple as that. Let’s move on and forget it. It is what it is.”

Interest in the Trouva scam, not to be confused with the UK-based online marketplace for independent boutiques also called Trouva, began in April 2024.

Also read:

• The Anatomy of a Scam: A closer look at Trouva following its collapse
• Trouva Scam – linked websites, including Centamin, Fold – many still standing

According to Google Trends data, it peaked in May 2024, slowed down, then surged again in July 2024, reaching fever pitch last month.

The scam exploited the name and goodwill of the legitimate Trouva marketplace, positioning itself as the same UK-based company.

In one promotional video, a man named John—likely a commissioned voice actor hired via platforms like Fiverr or Upwork—was seen standing in front of a fake Trouva logo, flanked by UK and South African flags.

Trouva, the legitimate company, has no known presence in South Africa and primarily serves UK and European customers.

The Trouva scam is just one in a long list of fraudulent schemes targeting South Africans in 2024.

Many people, often driven by desperation, have fallen victim to these unregistered and unregulated scams and pyramid schemes.

No, Tiger Agriculture is not legit, and joining it would be a fool’s errand

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