The scheme that used Johann Rupert and Elon Musk to steal R1 billion from South African investors

• Banxso and its executives were found to be directly involved in using deepfake advertisements to steal approximately R1 billion from South African investors.
• The investigation was launched after receiving information about the use of deepfake advertisements, which featured prominent businesspeople like Johann Rupert and Elon Musk.
• The FSCA's punishments include a R2 billion fine for Banxso and 30-year debarments for some executives, as well as additional fines for individual directors.