Troubled businessman Shezi slapped with another R1 million case

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Sandile Shezi might have to gear up for yet another legal battle, as his third alleged victim has opened a case of theft against him. Photo: Instagram
Sandile Shezi might have to gear up for yet another legal battle, as his third alleged victim has opened a case of theft against him. Photo: Instagram


Troubled businessperson Sandile Shezi might have to gear up for yet another legal battle, as his third alleged victim has opened a case of theft against him. 

This time, the self-proclaimed multimillionaire will fight to clear himself after a retired Limpopo principal alleged he was scammed of R1 million in 2018. 

The principal opened a case against the popular forex trader at the Sandton Police Station in September. 

The Limpopo-based principal said: 

I read about him having paid people back and I keep asking myself when he will pay me back because I also want my money in my bank account.

Last week, it emerged that Shezi made half-a-million rand and R200 000 payments to two victims who had invested in his crypto forex trading company. 

Johannesburg businessperson Alan Ledwaba and Angela Mabena were paid back over R700 000 in exchange for dropping two cases they had opened against Shezi, which were on trial at the Wynberg Magistrates' Court last week. 

READ: Sandile Shezi pays back the money, court case withdrawn

Now, it seems that the flashy businessperson might have to press pause on his freedom celebrations, as this new case of fraud might head to the high court due to the large amount involved. 

The principal told City Press that he was in a payment settlement with Shezi, which broke down in June. 

The principal added: 

We were talking. He was going to pay me back as he did to Alan and Angela because we had formed a WhatsApp communication group where we updated each other on our separate cases against him. I was scheduled to meet him in June so that we could discuss our payment plans but that did not happen as in our last conversation, he told me to wait for him to get arrested and a trial date to be set. Then, we could have a mediation through court to pay me back my money.

Police spokesperson Mavela Masondo is yet to confirm the case. 

The pensioner was allegedly defrauded of R1 million of his pension payout after he was lured into investing in Shezi's company, Global Forex Institute, after he met the businessperson at one of his business seminars at Meropa Casino in Limpopo. 

The principal said he was promised dividend payments from 2019. 

“We (my family) gave him R100 000 in 2018 and then in 2019, he told us that the money has matured and it's R200 000. We then had a conversation that if I resigned and invested, I would make more money. I did and invested R1 million in 2019. He used to send us dividends every month but at the end of the year, he started saying business was hard and he was struggling to invest,” he said.  

The principal added in total, Shezi only paid him back just above R100 000. 

The businessperson was not available for comment at the time of publishing.

READ: Charges pile up for ‘fraudulent’ forex trader

Shezi made his claim to fame by boasting of his material gains and stating that he was the youngest self-made millionaire from forex trading.

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