Cupido, of Touws River, promised to pay out his investors by Tuesday, after a group had gone to the Hawks offices in Bellville to receive written confirmation that his accounts had not been frozen.
On its Facebook page, Cupido’s company, 4th Power Investment, announced that payments would kick off on 5 December and would be deposited into a special debit card, while distribution and venues for collection in various towns would be announced.
Worcester resident Rodney Visagie, who expressed doubts about the payout earlier this week, said no prior communication from Cupido mentioned such a process.
“We were told that payments would be made out and it’s disappointing once again because we can’t reach him to answer,” Visagie told the Cape Times.
“There was also no clarity as to how this process will work and these so-called religious leaders, if guilty, will have to answer for any wrongdoing,” he said.
Last month, 800 people brought the N1 to a standstill outside the small Boland town, following reports that the Hawks had frozen Cupido’s accounts.
A Worcester investor, who asked not to be named, said Cupido had created expectations by the more than 12 000 investors, who have now mostly lost faith as no one had received these cards or any money.
Cupido’s offices were raided last year by the Hawks, as he had been conducting the business of a bank (taking deposits) without being registered with the Financial Services Board (FSB) and was under investigation for contravening sections of the Financial Advisory and Intermediary Services Act (FAIS) and Banks Act.
Accused of running a multi-million ponzi scheme, Cupido allegedly told potential investors that a R1000 investment could earn than R2 500 within one month, promising interest of up to 440%, and that if they didn’t take a payout, he or she would earn R1.8 million.
Cupido previously denied running a ponzi scheme and claims he could pay such high dividends as they were “dealing in foreign currency”.
Neither Cupido nor the 4th Power spokesperson, Ronel Pullin, could be reached for comment on Wednesday.