Eba Kandovazu
Social activist and former forex trader Michael Amushelelo and his business partner, Gregory Cloete, have asked the State to consolidate 360 fraud and money laundering charges against them, arguing that several counts are duplications.
The two appeared before High Court Judge Hannelie Prinsloo on Wednesday for a pre-trial hearing.
Amushelelo and Cloete were arrested in October 2019 over allegations that they defrauded hundreds of investors through an investment scheme known as Project One Million between 2018 and 2019.
They face multiple charges, including fraud, theft under false pretences, racketeering, operating a Ponzi scheme, conducting banking business without authorisation, as well as tax-related offences.
The State alleges that the accused solicited funds from investors by promising high returns through foreign exchange trading. It is further alleged that the scheme generated approximately N$14.7 million from investors.
In a 2024 ruling, High Court Judge Thomas Masuku ordered the forfeiture of eight motor vehicles and funds held in 13 bank accounts, which reportedly contained about N$13 million as of July 2020.
The forfeiture followed an application by Prosecutor General Martha Imalwa, who argued that the assets, held in a trust and five corporate entities controlled by Amushelelo, were proceeds of unlawful activities, including fraud, money laundering, tax evasion and racketeering.
The forfeited assets included several luxury vehicles acquired between 2018 and 2019, among them a Mercedes-Benz AMG E63 S, Mercedes-Benz AMG A45, Range Rover Sport 5.0 V8, Audi Q3, Audi A4 and two BMW models.
The two are currently out on bail of N$35 000 each, subject to conditions including weekly reporting to the Windhoek Police Station, among others.
On Wednesday, Prinsloo postponed the matter to 22 April 2026 for the State to respond to the application to consolidate charges and the matter was further set down for 28 April 2026 for the conclusion of the pre-trial conference and the setting of trial dates.
The State is represented by Basson Lilungwe, while Kadhila Amoomo is appearing for the accused.
-Nampa