Sandile Shezi: Bitcoin Trader Wanted for Defrauding Investors of More Than 1 Million

Sandile Shezi: Bitcoin Trader Wanted for Defrauding Investors of More Than 1 Million

  • Two men from Gauteng and Limpopo are alleging that self-proclaimed millionaire Sandile Shezi has defrauded them of huge lump sums of money
  • The police have now issued a warrant of arrest for Shezi who is said to have scammed the two men of R1.5 million
  • Shezi's legal representative has denied all allegations and stated that one of the investors is defaming Shezi

PAY ATTENTION: Click “See First” under the “Following” tab to see Briefly News on your News Feed!

JOHANNESBURG - The South African Police Services has issued a warrant of arrest for a cryptocurrency trader Sandile Shezi who allegedly scammed one of his investors of half a million.

Shezi is also known for claiming to be a millionaire and being a foreign currency trader. He also has a firm called Global Forex Institute that host seminars for people interested in trading.

Sandile Shezi: Bitcoin Trader Wanted for Defrauding Investors of More Than 1 Million
Sandile Shezi: Bitcoin is a wanted man for allegedly defrauding two men of R1.5million. Images: sandileshezlinnocent
Source: Instagram

According to a report by the City Press, the investor 29-year-old Shezi swindled out of money is a man named Allan Ledwaba from Johannesburg.

Read also

Gugu Gumede continues her mother's legacy, Joins National Freedom Party

In 2016, Ledwaba attended one of Shezi's seminars where Shezi had shown him some of his trading accounts that had huge lump sums of money.

Enjoy reading our stories? Download the BRIEFLY NEWS app on Google Play now and stay up-to-date with major South African news!

Since Shezi seemingly had R89 million and also drove luxury cars, Ledwaba decided to loan money from his father so that Shezi could trade on his behalf.

Ledwaba invested a total of R500 000 with Shezi and the arrangement that Shezi would pay out profits to Ledwaba on a yearly basis, according to MyBroadband. Since making his investment, Ledwaba says he has only been gotten back R40 000 from Shezi.

A former school principal from Limpopo also made an investment of R1 million with Shezi in 2019. Shezi duped the principal by suggesting that he resigns from his job so that he could use his pension money to invest.

Read also

Boss moves: Young man saves NSFAS money to start own business, Mzansi showers the entrepreneur with praise

The principal says that Shezi would give him monthly dividends in the beginning, however, the payments soon went dry at the end of 2019. The principal says he made an attempt to withdraw his investment in 2021 but only received R100 000.

Shezi’s legal representative, Lloyd Moonean says the claims of Ledwaba are false and do not represent the whole truth. The lawyer did not respond to the allegations made by the former principal.

DJ Sbu determined to bring cryptocurrency to the hood but Mzansi smells a scam

Briefly News previously reported that DJ Sbu is always on a mission to make money and financially grow the black community. The media mogul took to social media to share that he was interested in introducing cryptocurrency in townships.

His well-meaning idea, however, was met with some scepticism from many, who felt that the township needed different solutions.

Read also

Hawks to probe R22m Lesseyton sports facility after public outcry

Taking to social media, Sbu posted:

“We taking Crypto to the hood. People need to know how to hustle Cryptocurrencies. Time to UNLEARN & RE-LEARN ABOUT MONEY. I'm all about EDUCATION.”

The responses to his post were mixed, while some supported the idea, many others were just not sure where people would get the capital to even start this kind of investment option.

Mzansi reacts to DJ Sbu’s call to introduce cryptocurrency in townships

@matodzi_malouiwa said:

“Dj Sbu my brada, majority of South Africans can't afford to trade Bitcoin as it's now very high risky to invest on. Please generalise the entire Crypto market so that people can understand that there's a low risk option to invest on small coins.”

@kasienova said:

“The question is, which Crypto platform isn't a scam? I know so many people who have been scammed.”

@bighomiesleeq said:

“Crypto isn’t for people that are still struggling.”

Source: Briefly.co.za

Online view pixel