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Sandile Shezi denies any fraud link, turns himself over to police

You may have heard about Sandile Shezi already: He shot to prominence more than six years ago, as a self-made crypto and forex dynamo. The financial figure was dubbed as SA’s youngest millionaire in 2015, but recently, he has experienced a fall from grace – and a warrant for his arrest was issued last week.

Sandile Shezi is the youngest millionaire in South Africa

Developments had been moving at a snail’s pace, but it has since emerged over the weekend that Sandile Shezi may soon hand himself over to the police. The owner of the Global Forex Institute company is accused of taking hundreds of thousands of rands from his alleged victims, and he’s now wanted on charges of fraud.

One unlucky client was apparently duped into giving Mr. Shezi R500 000, upon an agreement that he would use the money to trade wisely on international currency markets and deliver higher returns. However, alarm bells started ringing when it was suggested the contracts signed by Sandile Shezi and his customers were bogus.

Is Sandile Shezi source of wealth genuine or fraudulent?

The law firm, which was initially believed to be behind the paperwork, said they had no relationship with the dubious businessman, and the matter soon found itself on Hawks’ radar.

Furthermore, Shezi also is in the middle of a storm of accusations from three victims who say they have lost millions after investing in his Forex trading expertise. As we reported on Tuesday, One of the purported targets is a former school headmaster, who claims to have invested a total of R1.3 million on Shezi’s fraudulent ventures.

Sandile Shezi’s lawyer denies any wrong doing

Sandile Shezi, usually not afraid of flaunting his wealth online, has kept something of a low profile since the allegations were made. However, on Friday, the so-called ‘youngest millionaire’ released a statement from his lawyers.

HL Legal asserts that claims made against Shezi in one news article on Sunday 10 October are false, and they are preparing a counter-case against certain individuals. However, reports from the Sunday Times – released earlier today – claim that the money-maker WILL turn himself in soon.

“We have noted the false allegations that were published by the City Press on 10 October. Our legal team is carefully studying the allegations and have begun with legal proceedings against a few individuals involved in this matter.”

“It is unfortunate that Sandile Shezi learned of criminal proceedings through the media, as no court process was served on him. We choose not to elaborate at this stage, as we are currently dealing with the matter, and a follow up statement will be released in due course. Thank you.”

HL Legal Statement

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