HotNews No. 145: Prestige Wealth Investments – AI ruse and Dubai fraud
Another example of sophisticated financial fraud comes from the MLM crypto investment sector. The fraudulent project Prestige Wealth Investments exhibits all the typical characteristics of Ponzi and pyramid schemes, while its founder, KM Monareng (also known as Kamogelo Moral Monareng), continues to evade legal responsibility, hiding in Dubai.
Background and the founder
Prestige Wealth Investments attempts to present Monareng as “an African entrepreneur with over a decade of experience in the financial sector.” However, analysis of his public profiles and activities shows that Monareng is based in Dubai, far from regulatory oversight.
As early as 2019, the South African Financial Sector Conduct Authority (FSCA) issued a public warning against Monareng and his previous projects – Money Moves Forex Trading and Prophet Moral Monareng – as they were not authorized to provide financial services under the FAIS Act. MMFT later collapsed, and South African authorities seized assets worth approximately R1.73 million (~$99,978 USD).
Fake registrations and identity concealment
Prestige Wealth Investments uses registrations in the UAE, UK, and South Africa, but these registrations do not authorize the company to provide financial services. The FSCA-registered entity, Prestige Wealth Investments Information Services (PTY) LTD, exists formally, but the registration was obtained under false pretenses and Monareng’s name does not appear as a director or responsible party.
The website was privately registered on October 11, 2024, with no disclosed owners or executives, while promoters continue to claim the company is “AI-powered” and generates huge monthly returns (up to 22% per month) through trading digital assets, indices, commodities, and stocks – with no verifiable evidence.
MLM structure and pyramid model
Prestige Wealth Investments operates as a classic MLM pyramid:
- Promoters earn only by recruiting new members, with no real products or services being sold.
- The compensation plan includes 7 ranks, 10 levels of residual commissions, and an “Infinity Bonus” that is not clearly explained.
- Minimum investment to participate is 300 USDT, while promised monthly ROI comes solely from new investor deposits.
This model is not only a Ponzi scheme but also a pyramid MLM, as promoter success depends entirely on constant recruitment. Once new investments slow down, the scheme will inevitably collapse, and most participants will lose their funds.
International implications
Most activities and promotional efforts come from Dubai, making regulation and oversight difficult. However, as previous cases such as Fintoch demonstrate, international authorities are increasingly cooperating to identify and apprehend fraudsters, sending a clear message: fraudsters will not escape justice.
Warnings for potential investors:
- If someone from Dubai or via an MLM platform approaches you with an investment opportunity, there is a high risk of fraud.
- Never send personal data, documents, or money before verifying the company’s legitimacy with a lawyer or regulatory authority.
- Company registrations in the UAE, UK, or South Africa are not proof of legitimacy and do not replace financial regulatory oversight.
- Any promises of high monthly ROI or “AI bots generating income” are always a red flag and should be treated with extreme caution.
Conclusion
Prestige Wealth Investments is essentially Money Moves Forex Trading rebranded with an “AI mask.” The company structure, founder’s history, and international context clearly indicate its Ponzi and pyramid nature. This information serves as a warning to all potential investors: awareness and caution remain the best protection.
Kind regards,
Your DefendMe Team