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SA ‘Cryptopreneur’ fined $11.4m

Publish date: 01 April 2024
Issue Number: 1070
Diary: IBA Legalbrief Africa
Category: Criminal

The Financial Sector Conduct Authority (FSCA) has fined Coenraad Botha from CBI X SA $11.4m and debarred him for 10 years after it found in an investigation that he and the firm and the CBI Association contravened section 11(1) of the Banks Act. According to the FSCA, it imposed the fine on Botha because its investigation showed that there was no legitimate financial product or investment activity that generated the purported returns paid to investors by Botha and CBI entities. Botha, through CBI X SA and CBI Association solicited investments from members of the public by promising unrealistic returns of 1% to 4% per week on the invested funds. He also calls himself a ‘cryptopreneur’. The Citizen reports that Botha arrested for same kind of alleged contravention in Namibia According to the Namibian newspaper, Die Republikein, Botha and his Zimbabwean wife, Charlotte Murove, were arrested at Buitepos as they were fleeing Namibia two weeks ago. They appeared in the Windhoek Magistrates Court on charges of contravening the Banking Institutions Act, the Prevention of Organised Crime Act and fraud. It is alleged that they scammed investors out of about N$160m ($8.4m).

Botha denied that they were fleeing the country and said he was only on his way to visit friends in SA. Their legal representative, Afrika Jantjies, was arrested at the court for allegedly being their accomplice. An investigation by Bank of Namibia allegedly showed that Botha, through his company CBI Exchange Namibia, accepted deposit from members of the public allegedly without having a licence and authorisation to do so. The Citizen reports that Kazembire Zemburuka, director for strategic communication and international relations at the Bank of Namibia, said in a statement that Botha’s actions were a contravention of section 6 of the Namibian Banking Institutions Act. The FSCA warns consumers to be careful when investing their money, as there are many fraudsters operating scams and the number is growing.

Full report in The Citizen

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