‘Forex Traders’ Charged Over More Than N$17m – TheNigerialawyer

TWO self-styled foreign exchange dealers who appeared in the
Windhoek Magistrate’s Court on four criminal charges yesterday are
alleged to have received more than N$17 million from the public
without being authorised to do so in terms of the Banking
Institutions Act.

Michael Amushelelo (28) and Gregory Cloete (28) appeared in
court before magistrate Ivan Gawanab on charges of carrying on
banking business without authorisation, accepting money from the
public for investment without being authorised to do so under the
Banking Institutions Act, money laundering, and acquiring,
possessing or using property forming part of the proceeds of
unlawful activities. They were arrested on Thursday last week.

With a crowd of people – including leading figures of the
Affirmative Repositioning movement – thronging the Windhoek
Magistrate’s Court, the courtroom in which Amushelelo and Cloete
made their first appearance in the dock was filled to capacity,
leaving most media reporters excluded from the hearing.

The two men’s turn in the dock ended with each of them being
granted bail in an amount of N$35 000, and their case being
postponed to 14 April 2020.

Their release on bail is on condition that they should report at
Windhoek Central Police Station each Monday, Wednesday and Friday;
must hand their travelling documents to the police officer
investigating their case; may not leave the Windhoek district
without the authorisation of the investigating officer; and may not
interfere with the state’s witnesses in their case.

In the charges on which they appeared in court, the state is
alleging that Amushelelo and Cloete unlawfully conducted a banking
business, or accepted more than N$17 million from members of the
public from February 2015 to June 2019, without being authorised to
do so in terms of the Banking Institutions Act.

The state is also alleging that they unlawfully accepted money
from the public with the prospect that the people giving them money
would receive monetary or money-related rewards, again without them
being authorised to do so in terms of the Banking Institutions
Act.

They are further charged with money laundering for allegedly
having been engaged in an arrangement, transaction or agreement
which had the effect of concealing or disguising the unlawful
origin, source or movement of property.

In the fourth charge, the prosecution is alleging that they
contravened the Prevention of Organised Crime Act between February
2015 and June 2019 by unlawfully acquiring, possessing or using
property forming part of the proceeds of unlawful activities. That
property, the state is charging, consists of six cars – all of them
with personalised number plates, including the word “Forex”.

In postings on social media, Amushelelo has touted unusually
high earnings of 50% in two months on money invested in foreign
exchange trading – compared to investment earnings of below 10% in
a year on money invested in a bank.

Amushelelo and Cloete have also been offering training seminars
in foreign currency trading across Namibia.