Investigations into the money laundering and currency trading case involving Michael Amushelelo and Gregory Beni Cloete have not been completed.
Amushelelo and Cloete, his business partner, appeared before Magistrate Samunzala Linus Samunzala in Windhoek Rural on Monday. The case was postponed to August 20 for investigation.
It also emerged that the police investigation team has received further instructions from the Prosecutor’s Office to obtain seven outstanding statements, some records from local banking institutions as well as documents from the Bank of Namibia.
The postponement of the case was a final custody case for further investigation.
The duo are each charged with money laundering and fraud under Banking Institutions Act 2 of 1998 and the Prevention of Organized Crime Act 29 of 2004 in connection with an alleged ponzi scheme, which they allegedly ran while pretending to trade in foreign currency.
Amushelelo and Cloete reportedly received more than N $ 17 million from members of the public between February 2015 and June 2019 without being authorized under the Banking Institutions Act.
The two men are on bail of N $ 35 000 each until their next court appearance.
Guarantee was granted provided that they hand in all their travel documents and do not apply for new documentation.
The duo were ordered not to leave the Windhoek district without seeking prior permission from the investigating officers and to report to the Windhoek police station every Monday, Wednesday and Friday.
They were ordered not to interfere in police investigation.
Windhoek-based defense lawyer Sisa Namandje represented Amushelelo, while Kadhila Amoomo appeared for Cloete.
Prosecutor Precious Matali appeared before the state on Monday.