Complaint Review: Rainbow Invest - Johannesburg Nationwide

Common investment report where in the end, you are required to wire some money in order to release the funds.

Check out the very last e-mail I copied here, which will give you the reason why all that communication was done from frauder's part.

On 11/15/2005, the fist contact was made by e-mail followed by a phone call. The e-mail is

below:

---E-MAIL START---

RAINBOW BUSINESS CONSULTANCY CC

21, George Smith Av. Rosebank,

P.O.Box 103, Midrand

Johannesburg, South Africa.

Registration Nr : 2000/011944/23

VAT Registration Nr : 4670187790

Ph: 27-82-751-8553

Fax: 27-72-664-0601

E-mail: [email protected]

Attn: Alexandre A. Povolotski,

President

Cyprus Apartments to Let Project (Aparthotel)

Dear Sir/Madam,

We wish to inform you our interest to establish a successful business relationship with you to

interchange services in assisting each other in our diverse business/investments interests in our

various countries.

We are investment Research Company and we undertake the services of assisting prospective

companies and individuals to satisfactorily meet the needs of their capital investment abroad. In

this view, we wish to solicit for your assistance to explore investment opportunities in your

country in areas of real estate development, tourism industry or investing in your company

(Cyprus Apartments to Let Project (Aparthotel)).

Your advice and recommendations in this respect will be welcomed enabling us to handle

diligently all aspect of our investment operations in your country. We have substantial amount of

US Dollars for this project and will be made available after all negotiations are completed and

agreement signed.

Looking forward for your positive response and counting on your anticipated co-operation.

Thanks and best regards,

Jabulani Modise.

(Director)

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---E-MAIL END---

The next day, he followed up with another e-mail stating exact figure of $12M. E-mail is below:

---E-MAIL START---

Alexandre A. Povolotski,

Thank you for your email and also giving us the opportunity to go into joint venture relationship

with your company.

We are having an investor that wants to go into joint venture with you and he wants to invest in

Cyprus Aparthotel Project and the sum of US$ 12 Million will be made available to you for the

project and any other lucrative venture that you will recommend.

Before we move ahead we will like to know how much equity % ownership will you be offering to

him if the above mentioned fund is made available you, it after this issue is sorted out the you

will have to draft a joint venture agreement for our review and signing before the fund will be

made available for the project.

Waiting for your response and looking forward to a successful business relationship.

Regards,

Jabulani Modise

Yahoo! FareChase - Search multiple travel sites in one click.

---E-MAIL END---

On 11/19/2005, he sent the e-mail with specific terms of the investment. E-mail is below:

---E-MAIL START---

Alex,

I tried calling you yesterday but the lane was not clear the purpose of calling you is that the

investor is demanding 50% equity stake of the Cyprus Aparthotel Project and other lucrative

venture that that you will recommend in exchange for the US$ 12Million that will be made

available to you after an agreement is drafted, and this agreement will be drafted from your side

since the investment will be taking place in your country so that it will be governed by the laws of

your state.

I will be giving you a call later today so that we will sort out thins on the way forward.

Regards,

Jabulani Modise.

---E-MAIL END---

On 11/22/2005, he sent his corporate documents as scanned copies in attachment to e-mail.

The same day, in another e-mail, he confirmed his address, company registration number, and

contact coordinates.

On 11/28/2005, he sent the signed agreement as scanned copy in e-mail attacchment.

On 11/30/2005, he requested money upfront for the funds release. E-mail is below:

---E-MAIL START---

Alex,

After our meeting this morning with the officials of the Reserve Bank they said that since the

fund is still in the escrow account of the Bank for we to have asses to the fund and subsequent

transferring it into your account we have to produce Tax clearance certificate, money laundering

and anti terrorism certificate so that the fund will not be associated with terrorist fund and in

obtaining all this documents it will very expensive which will cost us about US$ 180,000 which

we dont have at the moment so they suggested that the fund has to be moved to Europe

through Diplomatic channel and the information of Povolotski's Brokerage House, LLC will be

used as a conduit in moving the fund to Europe to their offshore payment centre where your

presence will be required to sign out the fund from the Diplomats prior to the fund been

transferred into the companies account in States and the investors representative will be meeting

with you in Europe so that after confirming that the fund is in your possession a Stock certificate

will be issued to him on behalf of the investor.

The situation is that we want to have your input before we can move ahead and if the fund will

have to be moved to the UK or Switzerland for the banking transaction to be effected the

transaction charge here in South Africa will cost us here US$ 28,000 which the investor said that

he will try and pay it and the transaction charges in UK or Switzerland it depend on which country

will be convenient for you will be taking care by you, and I spoke to the diplomats here that will

be moving the fund to Europe to know how much the administrative cost will be he did not give

me a definite answer but he said that it will cost + or- 7,000 Euro.

The second options is that your company has to set up a non resident account here in South

Africa with the services of a financial attorney and setting up the account will cost $ 100 and

activating the account for it to be able to carry the volume of money involved will be $40,000 so

that the US$ 12 Million will be in your account within 48 Hours the account is set up.

We are waiting to hear your input before we can move ahead.

Regards,

Jaulani Modise

---E-MAIL END---

Alex

Lewes, Delaware
U.S.A.