Two South African forex scammers have been convicted after twenty years of investigations and court proceedings during the case. According to News24, brothers Peter and Louis Henderson are responsible for defrauding investors of more than 6.2 million Brazilian reals ($437,170).
The Specialized Commercial Crimes Tribunal in Durban has sentenced Peter and Lewis to 15 and 12 years in prison respectively after they were found guilty of fraud of approximately R$4.6 million, theft of about R$1.6 million, and violation of the 1990 Banking Act. Committed between 2002 and 2003.
The investigation revealed that the two brothers set up a shell company in Durban called Forex International, claiming that they can provide returns on their investments, which are also allegedly guaranteed. Instead, the scammers stole 1.6 million Brazilian reals and used the money for their own benefit after transferring the money to offshore bank accounts. South Africa’s central bank led the investigation, which cracked down on the scam after collecting evidence from nearly 18 victims.
Suggested Articles
UK digital asset exchange CoinBurp partners with Spectrum Search
In fact, five of the 15 years of imprisonment imposed on Peter are due to failure to comply with Reserve Bank instructions, News24 noted.
Deconstructing the Indian forex scam
in March , finance poles It is reported that the Indian police have arrested two people in connection with a massive forex scam that claimed 12 crore rupees (about $1.7 million) from 70,000 victims. The Central Crime Branch identified the suspects believed to be the masterminds as Syed Abu Zahir of Tenampet and Syed Ali Hussain of Chidambaram.
Cybercrime police said the duo, aged 34 and 41, deceived their victims from across the country using two websites, deltinfx.com and deltininternationalsolutions.com. The foreign exchange scam has been going on for at least one year since 2019. The defendants allegedly lured investors to invest in a supposedly high return forex trading scheme, promising huge returns quickly. However, the invested money was eventually channeled into Zahir and Ali Hussain’s bank accounts rather than trade.