GREGORY Cloete, a business associate of self proclaimed financial and foreign currency trading expert, Michael Amushelelo, was also arrested when detectives from the Namibian Police swooped in on their money laundering and fraud operation in Windhoek on Thursday.
Cloete’s arrest was confirmed by Commissioner Nelius Becker who said that the second suspect will face the same charges as his business associate.
After extensive questioning and the seizure of several vehicles and other assets from both, the suspects were charged with fraud and money laundering. Detectives also seized computer equipment.
Some of the equipment is suspected to have been used in the commissioning of the financial crimes that Cloete and Amushelelo perpetrated and forms part of the investigation.
The fraud and money laundering charges stem from the suspects and their agents taking money from investors with the promise to earn them very high interest by trading in foreign currencies. Some of the initial investors received money but those that came later are still waiting for the returns promised to them.
Commissioner Becker indicated that the results of investigation will determine if some the agents, who were used by the two suspects to secure a steady flow of investors in order for them to honour their promises to their other investors, might also face arrest.
Amushelelo and Cloete are both scheduled to make their first appearance in a Windhoek Magistrate’s Court on Monday.