Sandile Shezi Is Accused For Fraud - All His Alleged Crimes

The South African millionaire businessman Sandile Shezi has been declared wanted by the South African police for R1.2 million fraud among other charges. Shezi became the youngest South African millionaire in 2018 at the age of 23. His forex trading company, Global Forex Institute is said to be the source of his wealth.

It is widely known that Sandile Shezi used the money he earned by selling muffins at school to start his forex trade business. It is said he and his friends used their tuition fees to trade.

Sandile Shezi’s name has been in several controversies. He was once accused of plagiarism on the content of courses he was giving out. He later came out to debunk the rumors and defend himself.

All His Alleged Crimes

Allan Ledwaba’s allegations against Sandile Shezi

The young flamboyant millionaire has challenges in his business despite the millions he was making as a forex trader. There are reports that he has been struggling to pay his investors.

In 2016, the forex trader met a certain Allan Ledwaba during one of his lectures. His lectures and seminars attracted a lot of people and he was charging R10,000 to teach the trade.

According to City Press, Shezi showed Ledwaba his account statement which was over $6 million. Shezi claimed he made the money from his business. Eager to join the league of millionaires, the young Ledwaba went to convinced his dad for a loan of R500,000.

After he brought the money, Sandile Shezi promised to trade on his behalf since he had more experience. Ledwaba revealed that the agreement between them was that Shezi would trade the money for him and then give him profit every year before the full amount he invested would come later.

Ledwaba on his own was suspicious so he went to make research about a certain law firm Shezi used to draw their contracts. Lebwaba went to meet the director of the law firm who told him the firm had no affiliation with Sandile Shezi.

Ledwaba claimed he only received R40,000 and a car from Shezi. The returns he got were not as he expected so he sold the car he was given.

The 60-year-old former principal’s allegations

Another investor, a 60-year-old former Limpopo school principal claimed he also gave Shezi R100,000 in 2018 and he was told that the next year his investment would double what he gave.

Then 2019, he went ahead to invest R1 million. He used to receive dividends monthly until it got to a year. The principal said Sandile Shezi started saying business was hard and he was also struggling to invest.

In March 2021, the principal wanted to withdraw his money from the business deal. Instead of receiving R1 million, he was given R100,000 only.

The 31 year-old millionaire became wanted by the police after the case was reported and an arrest warrant was issued against him.

The police spokesperson Mavela Masondo revealed that a case of fraud was opened at the Sandton Police Station while the police are still searching for Sandile Shezi at the moment.

What Sandile Shezi Has To Say

In his defense, Shezi’s lawyer and legal representative Lloyd Moonean who was aware of the business dealings between his client and Ledwaba said the latter defamed his client. The lawyer also accused the alleged victim of Shezi of breaching the contract he had signed after he sold the car he was given.

Moonean stated that it was not part of their agreement for Ledwaba to sell the car. According to reports, Shezi’s lawyer did not respond to the allegations made by the former school principal.

Also, all efforts by the media to reach Sandile Shezi and his lawyer have been unsuccessful.

Prior to the controversies and allegations against Sandile Shezi, he believed that the Forex market was a good venture for South Africans.

The Global Forex Institute

Sandile Shezi became a role model to many especially the youths after he made his breakthrough into the Forex market. His story inspires quite a number of people in South Africa and even in other places.

His rise to the top was not quite smooth but he had to take high risks that would change his life.

His company the Global Forex Institute has offices in the upmarket suburbs of Umhlanga on the coast of KwaZulu-Natal and Sandton in Johannesburg.