WINDHOEK – In the wake of Michael Amushelelo’s arrest in Namibia for fraud and corruption, media reports suggest that the Fox Trader has been granted bail.
Amushelelo was arrested on Thursday last week and spent the past weekend behind bars, but has been released after appearing in the Windhoek Magistrates Court earlier this week.
According to the Namibian website, two self-styled foreign exchange dealers Amushelelo (28) and Gregory Cloete (28), appeared in the Windhoek Magistrate’s Court on four criminal charges.
The duo is alleged to have received more than N$17 million [R17 million] from the public without being authorized to do so in terms of the Banking Institutions Act.
Amushelelo and Cloete appeared in court before magistrate Ivan Gawanab on charges of carrying on banking business without authorization, accepting money from the public for investment without being authorized to do so under the Banking Institutions Act, money laundering, and acquiring, possessing or using property forming part of the proceeds of unlawful activities.
Two self-styled foreign exchange dealers who appeared in the Windhoek Magistrate's Court on four criminal charges yesterday are alleged to have received more than N$17 million from the public without being authorised to do so. https://t.co/kQmP25XAiZ pic.twitter.com/KYS6WBLh54
— The Namibian (@TheNamibian) October 15, 2019
It is reported that scores of people crowded courtroom in which Amushelelo and Cloete made their first appearance in the dock, thus leaving most media reporters excluded from the hearing.
The two men’s turn in the dock ended with each of them being granted bail in an amount of N$35 000 [R35,000] and their case is postponed to 14 April 2020.
View this post on InstagramStill going strong ?? till this day. @gregory_cloete
A post shared by Michael Amushelelo (@amusheptyltd) on
Meanwhile, their release on bail is on condition that they should report at Windhoek Central Police Station each Monday, Wednesday and Friday.
In addition, the pair must hand their traveling documents to the police officer investigating their case and may not leave the Windhoek district without the authorization of the investigating officer as well as not interfering with the state’s witnesses in their case.
In the charges on which they appeared in court, the state is alleging that Amushelelo and Cloete unlawfully conducted a banking business, or accepted more than N$17 million from members of the public from February 2015 to June 2019, without being authorized to do so in terms of the Banking Institutions Act.
It is also reported that the state also alleged that they unlawfully accepted money from the public with the prospect that the people giving them money would receive monetary or money-related rewards, again without them being authorized to do so in terms of the Banking Institutions Act.
In postings on social media, Amushelelo has registered unusually high earnings of 50% in two months on money invested in foreign exchange trading, compared to investment earnings of below 10% in a year on money invested in a bank.