The City Press reported that Albert Venter \u2013 the main behind the \u2018R699 a month\u2019 car scheme \u2013 is living an expensive lifestyle with luxury cars, expensive holidays and a mansion in Mooikloof.<\/p>\n
According to the newspaper Venter\u2019s cars include a Ferrari FF, Porsche Cayenne Turbo S, Maserati Spyder and Nissan Infiniti SUV \u2013 all parked behind glass garage doors visible from the street.<\/p>\n
The City Press also reported that he took regular extravagant overseas holidays to Britain and Switzerland, and hired a butler who prepares him healthy meals.<\/p>\n
Over the past few weeks many reports emerged about the collapse of the R699 a month car business.<\/p>\n
In early July IOL reported that the Satinsky Group \u2013 the company behind the \u201cNew car from R699 per month\u201d deals \u2013 has \u201ceffectively pulled the plug\u201d on the arrangement in its current form.<\/p>\n
Satinsky Group distanced itself from the failed scheme, saying that Hong Kong based Blue Lakes Trading & Promotions was the company behind the \u201csponsored\u201d car payments.<\/p>\n
\u201cBlue Lakes Trading & Promotions is a separate company with no ties to our company. It is based in Hong Kong and is a trading, promotions & advertising company,\u201d a spokesperson told IOL.<\/p>\n
Many people and industry players spoke out against the scheme, branding it a scam and even a Ponzi scheme.<\/p>\n
Vehicle and asset financer, WesBank, says it doubted the authenticity of the Satinsky Group\u2019s R699 per month car scheme from the start, saying its due diligence into the group pegged it as a Ponzi Scheme.<\/p>\n
A Gauteng based consumer activist has called the R699 per month car deal a scam, and alleges some fraudulent activity within the scheme. \u201cI believe it\u2019s a scam,\u201d Simon Lapping told CNBC Africa.<\/p>\n
The inside story of the R699 car scheme<\/a><\/strong><\/p>\n