The Bank of Namibia has concluded an investigation into the alleged unauthorised banking activities of CBI Exchange Namibia and Coenraad Botha and the case is now in court.

According to the spokesperson of the Bank of Namibia, Kazembire Zemburuka, the duo is suspected of engaging in banking transactions, including receiving, accepting, or taking deposits from the public, without the necessary license.

According to Zumburuka, CBI Exchange Namibia and Botha were not authorised to conduct such banking business.

"The bank's assessment revealed a violation of section 6 of the Banking Institutions Act, 1998, constituting an offense. Consequently, the bank has referred the matter to the Namibian Police for further investigation," said Zemburuka.

Botha has been apprehended and appeared in court today.

Individuals who have deposited funds as part of the illicit business operations are urged to come forward and collaborate with the Namibian Police.

"The successful prosecution of matters like this relies on the support of the public, especially those who have made deposits in connection with the activities of individuals or entities violating the Banking Institutions Act," Zemburuka said.

Depositors who have engaged with CBI Exchange Namibia and/or Botha are urged to contact the Namibian Police to provide essential information for the ongoing investigation.