South African Forex Scammers Get Sentenced Twenty Years after Crime

Two South African Forex Forex Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Foreign exchange or forex is the act of converting one nation’s currency into another nation’s currency (that possesses a different currency); for example, the converting of British Pounds into US Dollars, and vice versa. The exchange of currencies can be done over a physical counter, such as at a Bureau de Change, or over the internet via broker platforms, where currency speculation takes place, known as forex trading.The foreign exchange market, by its very nature, is the world’s largest tradi Read this Term scammers were convicted twenty years after the investigations and court proceedings of a case. According to News24, the two brothers, Peter and Louis Henderson, are responsible for scamming over R 6.2 million ($437,170) from investors.

The Durban Specialised Commercial Crimes Court sentenced Peter and Louis Henderson to fifteen years and twelve years imprisonment, respectively after being found guilty of committing fraud to about R 4.6 million, theft of around R 1.6 million, and infringement of the Banks Act of 1990. The media outlet detailed that these crimes were committed between 2002 and 2003.

The investigation revealed that the brothers set up a bogus firm in Durban named Forex International, claiming they could offer returns on their investments, which were allegedly guaranteed. Instead, the scammers stole R 1.6 million and used the funds for their own benefit after diverting the money to offshore bank accounts. The South African Central Bank led the investigation, which cracked down on the scam after collecting evidence from almost 18 victims.

In fact, five of the fifteen years of imprisonment imposed on Peter is because of failing to comply with a reserve bank instruction, News24 noted.

Indian Forex Scam Dismantled

In March, Finance Magnates reported that the Indian police arrested two people in connection with a massive forex scam which raked in Rs 12 crore (roughly $1.7 million) from 70,000 victims. The Central Crime Branch identified the suspects believed to be the masterminds as Syed Abu Thahir from Teynampet and Syed Ali Hussain from Chidambaram.

The Cybercrime police said the duo, aged 34 and 41, have duped their victims from all over the country using two websites, deltinfx.com and deltininternationalsolutions.com. Additionally, the foreign Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term scam had been running for at least one year since 2019. The defendants allegedly lured investors into investing in their supposedly high-returning FX trading scheme, promising huge returns quickly. However, the money invested was eventually routed to Thahir and Ali Hussain’s bank accounts rather than to trade.