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Bogus Forex Trader Released on Fraud Warning

Published

8 months ago

September 21, 2023

Bogus Forex Trader Released on Fraud Warning

Nhlakanipho Nyembe, a 32-year-old man accused of conducting fraudulent forex classes, postponed his fraud case to October 9 in the Gqeberha magistrate’s court. Nyembe, who was released on warning, was served with a summons in August by the serious commercial crime investigation in Gqeberha. He is accused of theft and was traced by investigators to Newcastle in KwaZulu-Natal as reported by Sunday World.

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Nyembe previously worked at the Global Forex Institute (GIF) between 2017 and 2018, a company owned by Sandile Shezi, a self-proclaimed forex trading millionaire who allegedly mentored Nyembe. Nyembe is said to have provided lessons to clients on forex markets and claimed to have invented a robot software program that would trade on their behalf while they learned about forex trading. He allegedly sold three of these robots to clients for a total of R300,000. Investigations by the Hawks revealed that GIF had not sold any robots to clients and had not authorised Nyembe to sell them on the company’s behalf.

Sandile Shezi, the owner of GIF, is also under investigation by the Hawks for alleged scams involving investors, including a retired school principal, who made deposits into GIF with the hope of earning high returns. Shezi faces multiple fraud cases opened against him at various police stations and is being investigated by the Hawks in Pretoria.