The estate of a woman linked to what is said to be SA’s biggest pyramid scheme has been placed in provisional sequestration by the Gauteng High Court (Johannesburg). This follows the Prudential Authority investigating the business practices of Travel Venture International and/or TVI Express and/or related persons commonly known as the ‘TVI Schemes’, which marketed the sale of travel vouchers that allegedly gave recipients substantial discounts for international travel and accommodation.

Moneyweb reports that the Prudential Authority, the regulator established to promote the safety and soundness of individual financial institutions, subsequently applied to provisionally sequestrate the estate of businesswoman Adelaide Musa Duma.

Justice Phanuel Mudau said the alliance partners purportedly linked to the schemes ‘are not in fact partners, and the marketed relationships are, in fact, fraudulent’. 

He said the scheme constituted a deposit-taking arrangement falling within the definition of ‘the business of a bank’ as defined in the Banks Act, and after investigations, Duma was identified as a related person to the scheme.

A warrant was subsequently obtained ‘on about 2 August 2013 in terms of the Inspection of Financial Institutions Act’ to enter Duma’s premises and require the production of any documents relating to the affairs of the TVI Schemes, including all bank account statements for the full trading period of all the accounts of the TVI Schemes.

Moneyweb notes that he said that from Duma’s bank statements, it was found that she had actively participated in the TVI Schemes by receiving and paying out money from investors.

Mudau said Duma had, for instance, 254 inflows totalling R2,574,072.54 and 959 outflows worth a total of R2,569,456.58 from her FNB account.

‘This conduct constitutes “bank business practice”, which was done by the respondent (Duma) without being registered as a bank, nor authorised as envisaged in section 18A (1) of the Banks Act and Mutual Banks Act. In terms of section 11(1) of the Banks Act, “no person shall conduct the business of a bank unless such person is a public company and is registered as a bank in terms of this Act”.

Business of a bank includes conduct such as the acceptance of deposits from the public as a regular feature of the business in question,’ he said.

Mudau said Duma, in her answering affidavit, confirms her involvement in the TVI Scheme and admits that she received deposits from the public in respect of the TVI Schemes into her bank accounts.

‘On her version, monies obtained were “paid out immediately to further investors or in respect of vouchers for further investors”,’ he said.

Mudau said it is confirmed that Duma has not repaid any monies back in terms of the notice as required. Mudau ordered that Duma’s estate be placed under provisional sequestration in the hands of the Master of the High Court in Johannesburg.

Moneyweb notes that he also ordered that an interim order be issued calling upon all persons who have a legitimate interest to advance reasons, if any, at 10:00 on 14 April 2025 to show cause why a final sequestration order should not be granted and that the costs of this application should not be costs in the sequestration of Duma’s estate.

Full Moneyweb report

Judgment