The scam, allegedly operated by a company called World Trade Consortium, claims to be in partnership with BMW to sell shares by requesting people's ID numbers and banking details to deduct a R450 administration fee for the first month and then instalments of R68.
BMW SA warns the public not to be tricked by the scam. Any person who is contacted by the consortium, or people associated with the scam, must contact their nearest police station immediately.
BMW shares can only be acquired through the German stock index (DAX) and are not easily acquired by South African citizens due to exchange control regulations.
