South Africa’s self-proclaimed “youngest millionaire” Sandile Shezi was arrested this week after allegedly defrauding his business partner.
Shezi handed himself over to the police.
He appeared in the Alexandra Magistrate’s Court on Thursday. The court granted him R5,000 bail.
Shezi, a forex trader, allegedly entered into a business agreement in 2018 with Allan Ledwaba.
According to Sowetan Live, Shezi told Ledwaba that he would trade on his behalf and pay him dividends.
He was reportedly supposed to pay him 100% returns in the first year. Ledwaba says this did not materialise and he laid a charge against him.
Officers have formally charged Shezi with fraud surmounting to around R500,000.
The NPA says he is due back in court next month.
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Self-made multimillionaire
Shezi describes himself as a self-made multimillionaire trader.
He started his company, Global Trading Institute, in 2016. Shezi has since resigned from the company. A former principal previously accused Shezi of fraud. The Mpumalanga woman reportedly invested R1.3-million.
She claims that she invested money with GTI thinking that it could help educate learners about online trading.
The woman says she borrowed money from family members. According to his LinkedIn account, Shezi is a forex trader, Global Forex Institute founder, and motivational speaker.
“[Shezi] comes from very humble beginnings, he was born and raised in Umlazi which is a township that’s situated south of Durban.
“His love for the financial markets dates all the way back to 2009, when he was still trading stocks and later shifted his focus to currencies,” a company named Tradefxlive states on its website.
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