Forex scammers from South Africa are sentenced twenty years after their crime

The brothers are accountable for defrauding investors between 2002 and 2003 of roughly $437,170.

Twenty years after the case's investigation and legal processes, two South African Forex fraudsters were found guilty. Peter and Louis Henderson, two brothers, are in charge of defrauding investors out of about R 6.2 million ($437,170).

The Durban Specialised Commercial Crimes Court found Peter and Louis Henderson guilty of fraud totaling about R 4.6 million, theft totaling approximately R 1.6 million, and violation of the Banks Act of 1990 and sentenced them to fifteen and twelve years in jail, respectively. They were committed between 2002 and 2003, according to the media source.

According to the inquiry, the brothers pretended to be able to give guaranteed returns on investments when they really set up a fake company called Forex International in Durban. Instead, the con artists took R 1.6 million, diverted it to offshore bank accounts, and then utilized the money for their own gain. The inquiry was spearheaded by the South African Central Bank, which busted the fraud after amassing

In actuality, Peter was sentenced to fifteen years in jail, and five of those years were served because he disregarded a reserve bank order.

Removed: Indian Forex Scam

The Indian police detained two persons in connection with a large currency fraud that netted Rs 12 crore (approximately $1.7 million) from 70,000 victims, according to a March article from Finance Magnates. The suspects identified by the Central Crime Branch are Syed Abu Thahir from Teynampet and Syed Ali Hussain from Chidambaram. They are thought to be the masterminds.

The pair, who are 34 and 41 years old, allegedly used the websites deltinfx.com and deltininternationalsolutions.com to defraud people from all across the nation. Furthermore, the foreign exchange fraud had been active since 2019 for at least a year. The defendants reportedly used promises of enormous profits made fast to entice investors into participating in their purportedly high-returning FX trading operation. However, rather than being used for trading, the invested funds were ultimately transferred to Thahir and Ali Hussain's bank accounts.