R500-million scammers re-emerge wearing the face of top South African real estate company
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Scammers behind an estimated R500 million pyramid scheme have rebranded and are now impersonating the Seeff Property Group, one of South Africa's best-known real estate brands.
The alleged investment scammers behind Morita Forestry appear to have re-emerged after the operation collapsed in July 2026, this time impersonating the Seeff Property Group, which was established in 1964 and is one of South Africa's best-known real estate brands.
The scheme was exposed by an investigation conducted by cybersecurity researcher Joel Cedras and first published by GroundUp in July. It spread on social media via paid influencers, tricking South Africans out of thousands of rands and promising even more in return.
Marketed as a simple but lucrative venture, Morita Forestry offered investments in American woodlands from which South Africans could withdraw money every day. Victims begin investing with small amounts that are matched with small returns, then promote the scheme to friends and family. Money invested by new victims is paid out to other members until the returns cease and the scammers disappear with any money remaining.
In Morita's case, the flow of funds was obfuscated through cryptocurrency. Cedras found the scheme had over 385,000 registered accounts, with one registered cryptocurrency wallet holding close to R58 million. Tracing transactions revealed a network of 29 wallets totalling over R338 million, and evidence suggesting the scammers are based in, or at least have ties to, China.
Morita often advertised extraordinary specials on social media, including one that claimed to give investors up to R110,000 instantly from an investment of just R8,700. Influencers and victims began reporting that Morita had shut down and had not processed withdrawals since 24 July.