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South African police issue arrest warrants for fraudulent crypto trader: Bitcoin News Regulation


South African police have now issued a warrant for the arrest of 229-year-old cryptocurrency trader Sandil Shezi, South Africa reports. Alan Ledwaba, an investor at Shezir’s Global Forex Institute, was issued a warrant after the cryptocurrency trader embezzled more than $ 33,000 (R500,000).

Using supercars to attract victims

According to a City Press report, Ledwaber’s interaction with Shezzy began later when he attended the next seminar where attendees were taught Forex trading. Ledwaba complained that he was shown a “trading account” of Shezi with more than 9 5.9 million. The report added that Shezir Ferraris and Lamborghini were also used to seduce Ledwaba.

Confirmed by Shezzy’s pitch, Ledwaba went to borrow বা 33,000 from his father, which he invested in a crypto trader’s company. However, shortly after the investment, Ledwaba said he became suspicious. The report quotes LedWabber as explaining:

The deal was that he would trade money for me, and then every year he would give it to us [a] Profits and then full money we invested later. But when I searched the names of the law firms used to draw up our contracts, I became suspicious. I went to the law firm and talked to the director, who said they had nothing to do with the sandals.

To support his fraud allegations, Ledwaba claims that since investing in the Global Forex Institute in 2016, Shezi has given him a profit of just over 6 2,600. Ledwaba added that he had sold the motor vehicle that Shezi had bought for him “for the company’s branding purposes”.

Pay monthly dividends

The report further states that a different investor – identified only as the former principal of Limpopo School – believed in Shezi to “resign from his job and earn more money to pay his pension”. However, a few months after investing nearly $ 67,000 in 2019, the former principal claims that Shezier’s company has started defaulting on monthly dividend payments. After seeking compensation, the former principal claimed he received only $ 6,700.

Meanwhile, a City Press report also quoted Shezi’s lawyer, Lloyd Munian, who accused Ledwaber of “defaming his client on social media in a way that our client has received many concerns and complaints about.” The lawyer also charged Ledwaber with breach of contract.

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