Troubled self-proclaimed youngest millionaire Sandile Shezi’s legal woes are mounting after he was arrested last week for failing to pay back another alleged victim’s money.
Shezi was nabbed movie-style at the Wynberg Magistrates’ Court on Thursday after he made an appearance there on another matter. He spent the night in a Sandton Police Station holding cell and was released on bail the following day.
Last year, City Press reported that Shezi, a popular crypto trader, was a wanted man after Johannesburg businessperson Allan Ledwaba laid a criminal charge against him for allegedly defrauding him of the R500 000 he had invested in Shezi’s forex trading company.
Ledwaba, along with other investors, deposited large sums of money into Shezi’s company, Global Forex Institute, with the hope of reaping profits worth double their capital.
City Press understands that Shezi has been slapped with a fresh case of fraud after another one of his alleged victims, Angel Mabena, opened a case against him at the Sandton Police Station late last year.
Mabena accused the flamboyant Shezi of defrauding her of R200 000.
He was arrested last week and made his first appearance in the Wynberg Magistrates’ Court. The case was postponed to April 28.
Mabena said she had borrowed money from family members after she was lured by Shezi with the promise that her investments would yield great returns.
She said she made her investment in 2018 and is yet to see returns or her initial investment from the businessperson.
“He kept promising us our money back. I made him sign a contract to say that I don’t want to invest any more and I wanted my money back. So, when he failed to pay me back, I opened a case against him,” Mabena explained.
The 29-year-old Shezi, from Umlazi, KwaZulu-Natal, made a name for himself by claiming that he was the country’s youngest forex trader to make millions of rands in personal wealth from cryptocurrency.
Police spokesperson Mavela Masondo confirmed the arrest:
Mabena said the money that she had invested in Shezi’s business was a loan from her aunt. She said that she had to relocate to KwaMhlanga after realising that she had been scammed.
“I have fought with my family. I gave him money which I borrowed from my family members. I had to relocate to KwaMhlanga [in Mpumalanga] because I got the money from my aunt and now our family is divided because of this.
“My family from Johannesburg think that I ate their money and that has caused a rift in our family; R200 000 is a lot of money. It means I had to do a lot of convincing to get that money and now I am telling them stories and that is a problem. I had to move,” Mabena said.
Shezi owns a fleet of luxury cars that include a Lamborghini Gallardo, a Range Rover Velar, a Ferrari California T, a Maserati Grancabrio, a Mercedes-Benz G-Class and a BMW i8.
He is known for travelling first class as he goes on posh vacations abroad and owns a mansion in an exclusive private estate. His company has offices in the plum suburbs of Umhlanga and Sandton.
At the age of just 23, Shezi was already reportedly a millionaire and, according to various media reports, his net worth now stands at R2.8 million.