Sandile Shezi, a 29-year-old cryptocurrency trader in South Africa, has been accused of swindling Allan Ledwaba out of over R500,000 ($33,000), and the country’s police has issued a warrant of arrest to that effect.
Ledwaba had invested in Shezi’s Global Forex Institute after he attended one of Shezi’s forex trading seminars and was shown a trading account that had more than $5.9 million that belonged to Shezi. To further entice Ledwaba, he was shown Ferraris and Lamborghinis.
Ledwaba went on to obtain a $33,000 loan from his father after he was convinced by the pitch and went on to invest in Shezi’s company.
Soon after the investment, Ledwaba became suspicious as stated in a report where he was quoted saying:
“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 used to draw up our contracts. I went to the law firm and spoke to the director, who said that they did not have a relationship with Sandile.”
Ledwaba further said Shezi had only paid him a profit of just over $2,600 since he invested with Global Forex Institute in 2016, adding that he had since sold the car Shezi bought for him for company branding purposes.
It would appear Ledwaba isn’t the only victim as the report states that Shezi convinced a different investor (identified as a former Limpopo school principal) to resign from his job and invest his pension payout in the company to make more money.
However, in 2019, things began to go south, according to the former principal, when Shezi’s company began defaulting on monthly dividend payouts after a few months of investing almost $67,000.
The former principal was only able to get just over $6,700 after demanding reimbursement.
Shezi’s lawyer, Lloyd Moonean, has accused Ledwaba of defaming his client, Shezi, “on social media to the extent that our client received numerous concerns and complaints about the same.”
The lawyer also accused Ledwaba of breaching the contract after selling the vehicle which he had been given for branding purposes.
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