Windhoek — Local forex trader and self-proclaimed financial guru Michael Amushelelo and his business partner Gregory Cloete are expected to appear in the Windhoek Magistrate's Court today, following their arrest last week.
Namibian police spokesperson Edwin Kanguatjivi said the two face charges of fraud in violation of banking institution Act and money laundering.
The two were arrested on Thursday after the police took them in for questioning. A video footage seen by New Era showed Amushelelo's luxury Mercedes Benz being impounded.
Last month, Amushelelo uploaded a clip-on Instagram showing his bank balance from two local bank accounts, with one account having an amount of N$4 220 477.51. "I am not doing this because I want to brag, well I could brag a little but this is pretty much more revision. These are zeros on my account. The numbers almost look like a cellphone number, almost look like a recharge voucher," said Amushelelo while snapping his Instagram story. Amushelelo went on to another local bank, as silver card member, the second bank balance stood at N$2 621 364.58.
"They use to call me a fake trillionaire, that I don't have money, and I am a scam. All my balances look like cellphone numbers, so let the people make noise, I just kept working and eventually everything paid off," he stated on his Instagram post.