Johannesburg – High-flying cryptocurrency trader and self-proclaimed millionaire Sandile Shezi has been arrested on allegations of fraud.
Reports indicated earlier this month that the 29-year-old flamboyant entrepreneur was wanted by law enforcement for allegedly defrauding his business partner and shareholder in his company, Global Forex Institute (GFI).
He allegedly swindled him out of R500 000.
According to Times Live, Shezi handed himself over to the police in the presence of his lawyers on Wednesday and was charged with fraud.
“I can confirm that he has been arrested. He will appear in Randburg magistrate’s court tomorrow (Thursday) on charges of fraud,” the report quoted Gauteng police spokesperson Captain Mavela Masondo as saying.
Meanwhile, Sunday Times reported an additional claim by another victim, a primary school teacher from Mpumalanga, who said she had to loan R200 000 from her family to invest in Shezi’s company, as she believed that it was a platform to teach students about trading.
Shezi, through his legal representation, has maintained his innocence.
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Compiled by Reginald Nhlapo
