South Africa Financial Sector Conduct Authority warns the public against Dazzle Brilliance Diamond for unauthorised investment solicitation promising unrealistic returns

The South Africa Financial Sector Conduct Authority (FSCA) issued a public warning urging consumers to exercise caution when dealing with Dazzle Brilliance Diamond (Pty) Ltd, following information that the firm is soliciting funds from the public for investment purposes while promising unrealistic returns. The FSCA highlighted an example of an offer reportedly encouraging people to “Invest ZAR 2500 and receive ZAR 6000 in 40 days”, noting that such promises should be treated with suspicion. While not commenting on Dazzle’s specific business activities, the FSCA emphasised that the company is not authorised under any financial sector law to provide financial services to the public, and noted that Dazzle was not available for comment. The regulator advised consumers to avoid accepting financial advice, assistance or investment offers from unauthorised persons or entities, to verify authorisation status before making payments, and to be particularly cautious of social media or unsolicited offers. It also listed common red flags including exaggerated returns, upfront payments, requests for additional payments to release funds, paid training requirements, pressure to act urgently and vague product information.