Sandile Shezi Accused of Fraud Worth 500K, Self-Proclaimed Millionaire Late for Court and Forfeits 5K Bail

Sandile Shezi Accused of Fraud Worth 500K, Self-Proclaimed Millionaire Late for Court and Forfeits 5K Bail

  • South Africa's self-proclaimed youngest millionaire, Sandile Shezi, was penalised for arriving late to his court appearance today
  • Shezi was ordered to pay his release fee and his forfeited his bail due to being two hours late for his court date
  • The forex trader and business owner is accused of defrauding his business partner out of half a million rand.

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JOHANNESBURG - Sandile Shezi, who at 23 years old refers to himself as a self-made millionaire, has been accused of fraud and had to forfeit his bail money as he arrived late for his court appearance today (24 Nov).

Shezi was due to appear at 8:30 am at the magistrate's court in Wynberg, Johannesburg but he was not there for long as he arrived two hours late, and was consequently ordered to pay R3 000 for his release and R5 000 for his bail.

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He is charged with defrauding a shareholder and business partner out of R500 000. Shezi's business, Global Forex Institute (GFI), assists its clients in establishing their own trading platforms, with a specific focus on forex trading, News24 reports.

Sandile Shezi, fraud, business news, Wynberg magistrate's court, Johannesburg
Sandile Shezi forfeited his bail money because he was two hours late for his court appearance. Image: Twitter/ @ChrisExcel102
Source: Twitter

Details of Shezi's case and business career

According to Times Live, Shezi's next court date is set for 9 December 2021, where another person, whose identity is currently unknown, will appear alongside him as a co-accused. The case will be investigated further in the lead-up to his next court appearance.

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Shezi, who hails from Durban, started his business career by selling baked goods and second-hand clothes in his community when he was a teenager. He studied at the Durban University of Technology but dropped out in his final year to pursue his career. \

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He taught himself about forex trading and started investing online. He partnered with George Van der Riet. who had served as his mentor, to start GFI, which made Shezi South Africa's youngest millionaire. However, many people have come forward with fraud allegations, extra to that for which he is currently facing charges.

Reactions to Shezi's court case

@bnzmanoba said:

"This disappointing we thought his businesses legit and were lawful not a scam."

@karlvanheerden1 believes:

"Self proclaimed says it all."

@Goldfish_Jack shared:

"Self-proclaimed. When a 23 year old says this and then drives big fancy cars, it can only end one way. Quality time in an orange overall."

@mogi_sa said:

"Eh eh eh. While they have him maybe SARS must review his taxes."

Bitcoin trader in police custody

Previously Briefly News reported that 29-Year-old Sandile Shezi, the Bitcoin trader who is being accused of defrauding investors is finally in police custody after he handed himself in.

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Shezi' through his legal representation has maintained his innocence despite multiple people coming out and stating that they have been duped by the self-proclaimed millionaire.

At the time, his legal team stated that Shezi only found out he was a wanted man through media reports and was not served with any legal proceedings personally.

Source: Briefly.co.za

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