SELF-DESCRIBED overseas foreign money dealer Michael Amushelelo, who was arrested on 4 felony costs two weeks in the past, has been concerned in wo
SELF-DESCRIBED overseas foreign money dealer Michael Amushelelo, who was arrested on 4 felony costs two weeks in the past, has been concerned in working a pyramid funding scheme, a police officer is claiming in an affidavit filed on the Excessive Court docket.
Amushelelo “misrepresents himself to the general public by promising them that the funds he receives from the general public are traded on foreign exchange markets,” detective warrant officer Daniel Lilata says in an affidavit filed in response to an pressing software that Amushelelo lodged on the court docket final week.
“This isn’t true, as he solely makes use of the deposits obtained from different depositors to pay the depositors whose investments have matured and are due,” Lilata additionally says in response to an announcement by Amushelelo that his enterprise actions embrace on-line buying and selling in overseas alternate by way of an agent in Cyprus, and that his enterprise actions will not be illegal.
In an affidavit filed on the court docket in help of his pressing software, Amushelelo says he conducts enterprise below the phrase ‘Challenge One Million’.
“I obtain cash from members of the general public (as mortgage to me) to be able to commerce on the worldwide foreign money market,” he says, including that individuals lending cash to him obtain their cash plus 50% curiosity again after solely two months.
“The thought behind ‘Challenge One Million’ is to allow fellow Namibians to make…