South African forex trader Sandile Shezi, who is still at large for allegations bordering on fraud, has agreed to turn himself over to police authorities in the region.
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This comes on the heels of an arrest warrant that was issued against him after two investors reported him to the South African police on account of the fraud. Shezi reportedly fleeced shareholders of his company, Global Forex Institute.
However, the forex trader maintains his stance against the fraud allegations, saying that the affected parties had only signed up for forex education and not investments as they claimed.
“These shareholders signed up, not for investments, but our education programme. Our training includes technical analysis, fundamentals and a bit of this and that. You go through us to run your own small personal portfolio, not trade for HSBC,” Shezi argued.
Shezi is contemplating buying out shareholders of the firm while claiming that he finds it ridiculous that some of them joined in laying these allegations despite being part of the business.
The forex trader is also exploring the legal route after his lawyers announced in a statement on October 15 that they would institute legal actions against the persons making the unconfirmed allegations.
Reports of financial frauds are now rife in South Africa with investors losing millions of dollars to Ponzi schemes on cryptocurrencies and others. Despite this, South Africa is one of three African countries contributing to the rising crypto transactions within the continent.