Alleged South African Bitcoin Fraudster Makes First Court Appearance Since Arrest – Regulation Bitcoin News


Sandile Shezi, the South African bitcoin trader accused of defrauding investors, recently made his first court appearance before a Johannesburg magistrate.

Shezi out on Bail

The bitcoin trader’s court appearance came just days after he honored his pledge to surrender himself to the police. However, according to a report by the Sowetan, Shezi — who is now out on bail — is set to return to court on November 24.

Alleged South African Bitcoin Fraudster Makes First Court Appearance Since Arrest
Sandile Shezi.

As previously reported by News, Shezi is facing fraud allegations that stem from his failure to honor promises he made to Allan Ledwaba, an investor in the latter’s Global Forex Institute.

Although Shezi has repeatedly denied the allegations, Ledwaba and an unnamed investor still went on to file complaints against the bitcoin trader. The filing of these complaints then culminated in the issuing of the warrant for the bitcoin trader’s arrest.

The report in the meantime quotes Ledwaba commenting on Shezi’s arrest and his subsequent court appearance. He said:

Today is not the right time for me to lay bare my entire story and how I suffered at the hands of a man trusted as the matter has just gone to court.

Meanwhile, the Sowetan newspaper reports that by the time Shezi handed himself over to the police he had already resigned from his company. Still, the report does not say why Shezi chose to resign before handing himself over.

Do you agree with the court’s decision to grant bail to Shezi? Tell us what you think in the comments section below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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