The Financial Sector Conduct Authority (FSCA) has issued a warning against Tiger Agriculture, a pyramid scheme promoted on social media that offers huge returns when people buy seedlings that are supposedly grown to mature plants and then sold.

On Sunday, the team leaders of the Tiger scheme started promoting Farm Home Stead, an exact replica of the scheme, but based on farm animals instead of plants. 

Moneyweb reports that the new scam uses the exact same website layout, and simply replaced the pictures of plants with pictures of cows, pigs and chickens.

And a Tiger Agriculture Facebook group announced the launch of Ford Car Rentals, also using the exact same website layout as Tiger Agriculture and Farm Home Stead. 

The sales pitch and modus operandi of the schemes are all the same.

People are invited to join small groups of investors to invest in seedlings/animals/cars, and entice others to join too.

The FSCA said in its warning that it had come to its attention that Tiger Agriculture may be unlawfully offering members of the public investment into agricultural products, offering profitable returns of up to 257% per month upon maturity of the agricultural products.

Without commenting on the business of Tiger Agriculture, the FSCA pointed out that Tiger Agriculture is ‘not authorised to render any financial services related business in terms of any financial sector law’.

Full Moneyweb report