The police have issued an urgent warning about scammers who claim to be selling plots of land across the country.
This scam, known as the Tuyoleni Housing Project, began in 2022 and has already netted about N$2 million.
The mastermind behind the operation is a 24-year-old man named Joseph Shikesho, who is the only one who has appeared in court so far.
Others involved in the Tuyoleni Housing Project are also in their twenties.
The managing director of the project is 23 years old, while the intern in training is 25 years old.
Both individuals are currently in custody.
The fraudulent company asks unsuspecting victims for a N$50,000 deposit for a plot of land.
However, some individuals have paid as little as N$40,000 when money is tight.
Over 60 people across the country have fallen victim to this scam.
Twenty victims are from Walvis Bay, 20 are from Windhoek, at least 10 are from Ongwediva, and 13 are from Tsumeb. Rundu has the fewest number of victims.
Some of the victims spoke to the Open File team and expressed their dismay at the financial hardships caused by this scam.
"This has destroyed my plans. I am now trying to recover from this loss. The money I lost could have made a big difference in my life. I have a family to take care of. Now we are burdened with debt. I want them to return my money, and the public should be vigilant of scammers out there."
"I have been renting for so long, and this life is very tiring. I was desperate to have my own house. They sounded very professional and even showed us some houses, which made me excited. Little did I know it was all a lie. I am now battling depression because of this."
Despite their claims of constructing houses, the company has no evidence of any completed structures.
The scammers have also claimed to have an agreement with the City of Windhoek.
nbc news contacted the City of Windhoek's spokesperson, Lydia Amutenya.
However, Amutenya stated that the Tuyoleni Housing Project was news to them.
All victims are advised to immediately file cases at the nearest police station.
Investigations are ongoing.