Amushelelo, Cloete granted bail
15 October 2019 | Justice
Self-proclaimed money spinner Michael Amushelelo and Griegorie Cloete are out on bail of N$35 000 each after having appeared before the Windhoek Magistrate’s Court for various alleged financial crimes.
They are charged in terms of the Banking Institutions Act and the Prevention of Organised Crime Act (POCA) on four counts, including conducting unauthorised banking business and money laundering.
They must return to court on 14 April next year.
As part of the bail conditions, the two had to had in their travel documents and may not leave the Windhoek district without prior authorisation by the investigating officer.
They are also disallowed to interfere with State witnesses and must report to the Windhoek police station on Mondays, Wednesdays and Fridays.
Amushelelo was taken in for questioning by the police last Thursday.
Amushelelo promoted himself as a “forex pro”. His business, Global Investment Namibia, boasted about being the “ultimate forex guide for beginners”, stating: “Are you tired of being broke and poor? Start making a minimum of N$600 per day.”
On his Facebook page, Amushelelo posted a photograph of his brown Mercedes-Benz with the caption: “From sleeping in a garage to now needing bigger garage space to store my toys. Anything is possible, people, don’t let anyone say you can’t live the life you dream about.”
Earlier this month he also posted a “testimony” by one of his alleged satisfied clients, who he wrote had invested N$160 = 000 in his Forex Management Accounts (#ProjectOneMillion)
Amushelelo posted: “The client was sceptical about us, as false rumours about me have been spread(ing) that I am a fraud and that I trade demo accounts. Nonetheless like all risk takers do, the client took a risk and invested in Forex Management Account. Long story short, nine months later this client is now being paid out N$810 000, so they actually made a profit of over N$650,000 over a period of nine months.
“Keep thinking forex is a scam, you shall surely be bitter when the people who made smart investments pay off their home loans earlier than usual, car loans fully paid off, debts fully paid off and are now living their dream lives financially free.”