Coenraad Botha fined R216 million for CBI International fraud

Coenraad Botha has been fined R216 million ($11.3 million USD) by South Africa’s Monetary Sector Conduct Authority (FSCA).

Botha, a licensed lawyer in South Africa, has additionally been disbarred for ten years.

The FSCA’s investigation into Botha, full title Coenraad Barend Nolte Botha, pertains to his CBI International Ponzi scheme.

The FSCA started investigating Botha in 2022. This led to a securities fraud warning pertaining to CBI International and predecessor Uhuru Tribe.

In handing down Botha’s penalties on March twenty eighth, the FSCA famous additional investigation revealed

there was no reliable monetary product or funding exercise that generated the purported returns paid to the traders by Botha and CBI entities.

Grouping Botha in with “fraudsters working scams”, the FSCA urged South Africans to

act with care when investing their funds. There are a lot of fraudsters working scams, and the quantity is rising.

South Africans lose hundreds of thousands of rands yearly to fraudsters. Unlawful operations are generally well-disguised as reliable operations.

Along with South African authorities fining and disbarring him, Botha and spouse Charlotte Murove had been arrested twice in Namibia over the previous fortnight.

Namibian authorities have charged with CBI International associated monetary crimes. Bail proceedings have been taking part in out in court docket all through the week.

Issues have been raised about Botha fleeing Namibia for both South Africa or Dubai. Following the FSCA’s high-quality it appears unlikely Botha would flee to South Africa.

Ought to Namibian authorities fumble the bag, Botha fleeing to Dubai to flee expenses in Namibia and his South African high-quality is a really actual chance.

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