Andrew Kathindi

Investors in Michael Amushelelo’s Forex Trading Corporation, which the Bank of Namibia (BON) has now deemed illegal, are demanding the return of their money.

The funds which amount to millions of Namibian dollars had been invested in Amushelelo’s Project One Million and were subsequently frozen by the BON and are currently being used as evidence.

According to sources, the money as a part of evidence will only be released once investigations by the Namibian Police have concluded.

The Windhoek Observer also has it on good authority that of the millions, only a minimal amount was actually invested in forex trading.

According to court records quoted in the media, N$17.5 million was allegedly paid into a bank account of Amushe Hello Investment, belonging to Amushelelo and from that account; N$15.5 million was transferred to a personal bank account of Amushelelo.

It is alleged that around N$7 million was paid out of this personal account, with the reference “project one million pay-out”.

In a statement on Friday 7 August, BON Director of Communications Emma Haihambo stated that the Bank recently met some of the investors, including those of Sackarias Namwandi’s Asset Legacy Investments CC, which has also been deemed illegal at a meeting held on Wednesday 5 August, at which they pleaded for refunds of their investments.

“The Bank reiterated the stance that is bound by the legal process concerning the funds in the Bank accounts that was frozen by the Bank. The Bank undertook to relay the concerns of the individuals with whom they met to the Office of the Prosecutor General,” Haihambo said.

Amushelelo was arrested on four criminal charges in October last year along with his business partner, Gregory Cloete.

Following an investigation, the BON concluded that the activities of the two businesses are in contravention of section 5 and 55A of the Banking Institutions Act of 1998, and as such a criminal case was registered with the Namibian Police.

Prior to this, Amushelelo had exhibited his lavish lifestyle on social media, including revealing a screenshot of his personal bank account with millions.

“The Bank of Namibia does not prohibit online forex trading. However, members of the public who do this, should utilize their own funds and not to solicit funds from the public to invest on their behalf under any pretense, as that contravenes the applicable laws,” said Haihambo.

Prosecutor General, Martha Imalwa, however, warned that those demanding for their money back are “seeking for trouble”.

“Do they know that they were investing in a pyramid scheme which is not allowed? Namibians, we should not take the law lightly. I did not know that they were demanding to get their money back. They were marching?” the Prosecutor General asked Windhoek Observer.

On Friday, 7 August, around 50 investors who gave their money to forex trader Amushelelo marched in Windhoek to petition the BON to release their money.