The small financial institution was established in 2001 by a group of villagers, who wanted to save money for a better financial future.
After investors deposited their money with the co-operative, the institution would entrust the funds with a mainstream financial institution.
Although Magofe could not divulge exactly how much she had saved up, speaking to the Pretoria News on Sunday, the tearful elderly woman said the victims had got together to open a case of theft with the police a year and a“This has to be the most difficult time of our lives. After trying everything after losing that money four years ago, we decided to finally open a case, but we still don’t know if we will ever get back that money, because there is not even a trail of who might have stolen it.
“A case was opened by the victims who were reportedly depositing monies into this Ga-Mathabatha Financial Co-operative after realising that the said bank had collapsed and that the money could not be traced.
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