South African charged with Bitcoin fraud appears in court

Sandille Shezi made his first court appearance before a magistrate in Johannesburg. The South African national who is a Bitcoin trader is accused of Bitcoin fraud after failing to keep his word to investors. 

This came days after he honoured his pledge to surrender to the authorities. Together with his lawyers the Durban- bred businessman turned himself in to the police following the allegations of frauding his business partner to the tune of R500,000.

According to National Prosecuting Authority spokesperson Phindi Mjonondwana, Shezi was released from police custody once his bail application was accepted and his bail payment received.

Shezi’s Bitcoin fraud allegations stem from his failure to honour his word to an investor, Allan Ledwaba within the latter’s Global Forex Institute.

However, Shezi has continued to refute the allegations despite Ledwaba and an unnamed investor still going forward to file the complaints. The submission of the complaints led to an issuance of an arrest warrant to the business person.

Ledwaba commented on the ordeal and is reported to say that this is not the right time  to put the bare story of his suffering as the matter has gone to court.

The Sowetan newspaper reports that  by the time of arrest Shezi had resigned his position in his company but does report the reasons why. 

In most cases of charges against public figures, it is not unusual to receive additional claims from victims who have yet to file formal charges. Two more persons have spoken up as alleged victims of Shezi.

School principal among Bitcoin fraud victims

The second charge comes from another former school headmaster. He claims to have invested R1.3 million in the business operations of the accused. The former headmaster claims that he advanced payments of R100 000, then R200 000, then R1 million between 2018 and 2019.

The 30 year old flamboyant Bitcoin trader and businessman was named as one of South Africa’s youngest millionaires.