South African Police Reports An Alleged Crypto Scam.
South African police just released an arrest warrant for the arrest of a crypto trader named Shezi Sandile, 29. Allan Ledwaba, the complaint claims he has invested a loan he collected from his father in the crypto trader’s company
According to the report from City press, the duo met at a program organised by Shezi Sandile’s company called The Global Forex Institute to train the audience on forex trading. Ledwaba professed that Shezi had showcased a “trading account” that contained over 5.9 million belonging to him. The city press report also inferred that the crypto trader’s Ferrari and Lamborghini were also used to convince Ledwaba.
After being persuaded by what he had seen, he went ahead to obtain a loan of $33,000 (R500,000) from his father to enable him to invest in the crypto trader’s company. Not too long after investing, he began to have doubts.
According to the report, he explained that “the agreement was that he would trade the money for me and then every year he would give us [a] profit and then the full amount we had invested thereafter. But I became suspicious when I researched the name of the law firm and spoke to the director, who said that they do not have a relationship with Sandile.”
To further intensify his claim, Alan Ledwaba said that since he had bought into the Global Forex Institute in 2016, the crypto trader has only remit an interest of slightly over $2600.
The report entails the information of another investor who was only identified as a former Limpopo principal. He was induced by Shezi Sandile to “resign from his job and invest his pension payout to make even more money.”
Nevertheless, a couple of months after investing an amount close to $67,000 in 2019, the former School Principal alleged that the crypto trader’s company started cutting back on monthly dividend payments which they agreed on. After requesting repayment, he claims he was given a meagre amount of $6700.
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