South Africa’s youngest millionaire was arrested by the police on Wednesday October 20 over fraud allegations.
According to the Gauteng police spokesperson Mavela Masondo, Sandile Shezi was placed in custody after he surrendered to the police in company of his lawyers.
Shezi was arraigned at the Randburg’s magistrate court on Thursday.
“I can confirm that he has been arrested. He appeared in Randburg magistrate’s court on Thursday where he was charged with fraud,” the police spokesperson said
The 23 year old from Durban is accused of defrauding his business partner and shareholder in his business Global Forex Institute [GFI] a total of $34,264.
GFI is marketed as a forex trading training institute, which trains people to set up their own trading platforms.
A warrant of arrest was issued earlier this month for Shezi.
In an interview with Sunday Times, Shezi denied defrauding his business partner of the said amount of money.
According to a press release dated October 15, Shezi is said to have learnt of the charges against him through the media.
“Mr. Shandile Shezi’s legal team has noted the false allegations that were published in the City Press on 10th of October 2021. Our legal team is carefully studying the allegations and have begun legal proceedings against a few individuals involved with this matter,” part of the statement read.
“It is very unfortunate that Mr. Shezi learnt of the criminal proceeding through the media as no court process was served on him,” the statement further said.
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Sandile Innocent Shezi began his business at a very young age by borrowing money from his friends.
The businessman said that the aim of the Global Forex Institute was to establish a free business environment.
He also has a foundation under his name.
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