By all indications, Bitcoin Wallet is a multimillion-rand operation and probably has the largest daily cash flow in the whole of Ladysmith.
Fears are growing that a highly lucrative “investment scheme” that promises to pay out ten-fold cash deposits within two weeks, which has taken this small rural town in KwaZulu-Natal by storm, will soon crash.
Long queues form outside Bitcoin Wallet daily. The attraction is Bitcoin Wallet’s investment scheme that promises 100 percent returns on monetary deposits, from R100, in exactly 15 working days.Owned and operated by a local man in his 30s who was a paramedic until recently, Sphelele “Sgumza” Mbatha, the investment scheme is reportedly taking more than R2 million in cash deposits on a daily basis.
An elderly man, who asked not want to be named and was seen carrying a blanket around midday, said that he had been queuing since 3am. He said his daughter would come a little later so they could make their investment. “I don’t have time for interviews now. I’m a very busy man. Any minute I spend away from my business is losing me money,” Mbatha told this journalist over the phone.
Mbatha, who not surprisingly has a love of finer things and has somewhat become a local celebrity, drives around in flashy sports cars. He even has a police escort. Rumours abound that he carries huge sums of money in cash.
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