Amushelelo In Trouble With The Law

Things are not looking good for him

By  | Sep 17, 2021, 02:18 PM 

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Just when we thought self-proclaimed forex expert and businessman Michael Amsushelelo was living a drama-free life. He is once again the center of attention, and it does not look good. It comes after The Namibian recently reported that he and his business partner Gregory Cloete are facing 365 criminal charges.

Yesterday, the two appeared in Windhoek High Court for their first appearance before the court and their case will be heard on 18 November 2021. Amushelelo and Gregory are accused of duping investors out of millions by promising them high returns but they did not honor their promises. They are accused of operating a Ponzi Scheme in which investors invested N$14,7 million to them in 348 transactions in an effort to obtain profits. As a result, they paid investors who invested earlier with their money.

It is Amushelelo who is facing the full range of charges, while his partner is facing 360 charges. Among their charges are theft by false pretenses, money laundering, racketeering, running a Ponzi scheme, and failing to pay taxes.

"The state is alleging that, starting from September 2018 and until October 2019, Amushelelo and Cloete ran an investment scam in which they promised people high returns on money invested with them and claimed they would use investors' funds to trade on foreign currency platforms through a non-existent company called Global Growth Investment Namibia," reports the paper.

They are accused of maintaining their lavish lifestyle using the investor's money. Amushelelo reacted to the charges in a post on his Instagram account that said "The government wants to bury us, they went from 4 charges to 365 charges. Damn it’s amazing how far politicians will go to settle a score. However, we won’t back down POWER TO THE PEOPLE"

The entrepreneur recently warned his followers not to fall, victims, to scammers using his name to create fake social media accounts to scam the public.

"Stop investing your money with people pretending to be me and once you get scammed you wanna cry. I have publicly warned you on several occasions yet most people don’t learn. We don’t do investments that payout in 24 hours or 7 days. We don’t do any investments at all," he said.

He warned them saying they keep falling victims to scammers because of how desperate they are and encouraged them to be vigilant.

Image Cred: Twitter

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