{
  "id": 15562945,
  "title": "Libertas ‘has hallmarks of Ponzi scheme on grand scale’",
  "url": "https://urgent.news/2026/10/19/libertas-has-hallmarks-of-ponzi-scheme-on-grand-scale",
  "topic": "world",
  "section": "World",
  "published": "2026-10-19T05:00:00.000Z",
  "source": {
    "name": "The Citizen",
    "slug": "the-citizen",
    "url": "https://www.citizen.co.za/news/libertas-has-hallmarks-of-ponzi-scheme-on-grand-scale/"
  },
  "original_language": "en",
  "account": "Libertas, a collapsed cryptocurrency investment company, may be one of South Africa's ten largest Ponzi schemes if the allegations are proven true. Allegedly, around R1.1 billion passed through its bank accounts, placing it in the same league as notorious financial scandals such as Mirror Trading International, Barry Tannenbaum, Fidentia, Masterbond, Krion, BHI Trust, Africrypt, and Kubus.\n\nIRS Forensic Investigations opened a criminal case against Libertas, implicating its director, Ahmad Yasin Hossenbocus, in alleged fraud, money laundering, and other financial offenses. An in-depth analysis of the company's banking transactions revealed R1.097 billion, of which R719.4 million (65.6%) was given to investors. An additional R377.7 million went towards commissions, operational expenses, investments in other businesses, and further payments. Thomas, the IRS investigator, explained that these payments suggest that the so-called profits were not generated from cryptocurrency mining but from the funds of other investors, which is a clear indication of a Ponzi scheme.\n\nSeveral business rescue practitioners had abandoned attempts to rescue Libertas. Thomas Samons, the second practitioner, announced the termination of business rescue and initiated liquidation proceedings. His interim report identified 2,105 clients and over R906 million received between 2020 and 2026, primarily in investments related to Technotherm, a plastic-to-diesel operation, and Afriswiss Trading, which dealt with sugar imports. The investigation also uncovered accounts in Dubai and possible assets in Mauritius, with Serbian investors reporting a total of approximately €500,000 (around R9.2 billion).\n\nLibertas has denied operating as a Ponzi scheme, with their legal representative challenging the investigator to produce evidence. They argue that their investment structure complies with Islamic financial principles, but they have not offered specific proof of where the profits originate from. Critics have pointed out that Hossenbocus lacked the necessary regulatory registrations to offer investment products or accept deposits from the public, and Hossenbocus himself admitted that investor money was used for other ventures.",
  "summary": "Libertas director Ahmad Yasin Hossenbocus has been accused of fraud, money laundering and other financial offences.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}