As fake as the scam. Allesandro Valecic and a crudely faked picture with Facebook founder Mark Zuckerberg. Picture: Supplied
A high-stakes investment scheme, promising sky-high returns and wrapped in an illusion of legitimacy, has left a trail of financial devastation. Valoworx, the company at the centre of this scandal, appeared to offer a once-in-a-lifetime opportunity. The reality, however, was far more nefarious.
IRS Forensic Investigations, led by investigator Chad Thomas, has been unravelling what was a classic Ponzi scheme orchestrated by a romantic couple, Alessandro Valecic and Elmarie Dukas. Although their romantic liaison apparently came to an end, it’s the investors that were on the bad side of a breakup.
Thomas said that promised returns were supposed to be between 30% to 50% on investment, within three months. “When it came time to pay, however, no payments were made to anyone,” Thomas said.
“Investors were lured into the scheme through close-knit circles of friends and family. It’s called an affinity scam and because referrals came from people others trusted, it heightened its sense of legitimacy.”
Valecic and Dukas leveraged personal relationships to expand the scheme. “They build up trust, and before you know it, people are hooked,” Thomas explained.
One of the early investors, Mike Rose, shared how he was introduced to the scheme by a friend who had already seen returns. “I invested R500 000 myself,” he said. “I even brought my father in for another R200 000 after seeing my friend receive payments. It seemed like a win-win at first.”
Rose’s initial faith in Valoworx was bolstered by documents that seemed to indicate substantial profits. “They made it look like our money was doubling,” he explained, “so, of course, I trusted it.”
But it was all smoke and mirrors.
The scheme’s success relied on a vicious cycle of reinvestment. Many early investors were paid small sums, effectively as bait to draw in more cash. Rose described how he showed his early returns to others, convincing family and friends that Valorworx was a golden opportunity.
“That’s how they build these investment frenzies,” he said. “They let a few people win, show them the money, and then everyone wants a piece of it.”
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The numbers involved are staggering. According to Thomas, around 86 people have fallen prey to Valoworx, with collective losses estimated between R25 million and R35 million.
For some victims, these losses were more than financial; lives and livelihoods have been shattered. “For many, this was their last hope after Covid-19,” Thomas said. “Some people have lost everything.”
Another investor, Michael Fox, ploughed in his savings of R400 000 after being introduced to the scheme by a friend. He hoped for a return that would ease his post-Covid financial strain.
“I thought it sounded like a great opportunity,” Fox said. “But by early 2022, I started feeling something wasn’t right. They’d offered me a second investment opportunity, promising even higher returns, but then communication just dried up.”
The silence spoke volumes to him and Fox’s anxiety grew. “Every time I called, there was a new excuse, a new delay.”
For Fox and others, the ultimate insult was watching the perpetrators flaunt their ill-gotten wealth online. Images of Valecic and Dukas jet-setting across the globe, lounging on yachts, and enjoying exclusive resorts were plastered across social media.
“I’d see them living it up on my money,” Fox said. “They were enjoying Ferraris and first-class travel while I struggled to make sense of where my savings had gone.”
The couple even manipulated images, posing with Facebook founder Mark Zuckerberg and posted selfies with local celebrities like Jack Parow.
This public display of excess was more than a sore point for investors; it was the clue that Thomas said he needed to piece together the extent of the fraud.
“It became apparent that this wasn’t generational or hard earned wealth, but investor money funding their lavish lifestyle, including renting expensive penthouses on Cape Town’s exclusive Atlantic seaboard,” Thomas said.
To further aggravate investors, attempts to reclaim funds or confront the couple were often met with evasive tactics.
Dukas recently appeared in the Pinetown Magistrate’s Court after seeking relief from the justice system to obtain a protection order against victims demanding their money back.
“In cases like this,” said attorney Julio Ciani who represented the victims, “people will go to any length to delay proceedings, move around to avoid being served, and claim victimhood to deflect.”
For victims, the emotional toll was severe, with some even experiencing fractured relationships with family and friends. Rose, one of the first to bring a relative, his father, into the scheme, felt the weight of betrayal when it all came crashing down.
“It was devastating to think I’d brought people I loved into this mess,” he said. “Luckily, my family understood, but others weren’t so fortunate. It has torn people apart.”
Thomas said the impact hit victims’ mental wellness hard. “People were counting on these returns and when they realised the money wasn’t coming, some fell into deep depression.”
Victims don’t just want their money back, they want justice. “I know I’ll never see my money again,” said Fox. “But I want them in jail. I want them to pay for what they did.”
The Valoworx Ponzi is shaped around a broader trend said Thomas and financial crime in South Africa is on the rise.
“We’re seeing a marked increase in reported cases each year,” he said. “The sad reality is that only a fraction of these crimes are ever reported. Many victims are too embarrassed or hopeless to come forward.”
And with a limited judicial system, he noted, the fraudsters behind these schemes often escape justice.
”Until there are real consequences, we’re going to see more and more of these schemes. People are looking for alternatives to traditional investments, and unfortunately, predators like this are waiting,” Thomas said.
The Citizen approached both Dukas and her attorney for comment at Pinetown Magistrate’s Court, however her bodyguard blocked all access to her and the attorney said it was outside his mandate.
Hawks’ spokesperson Colonel Katlego Mogale confirmed that the matter was under investigation.
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