Sandile Shezi, the South African bitcoin trader accused of defrauding investors, recently made his first court appearance before a Johannesburg magistrate.

Shezi on Bail

The court appearance of the bitcoin trader came only days after he made his promise to surrender to police. However, according to a report by the Sowetan, Shezi — who is now out on bail — is set to return to court on November 24.

As previously reported by Bitcoin.com News, Shezi is facing fraud allegations that stem from his failure to honor promises he made to Allan Ledwaba, an investor in the latter’s Global Forex Institute.

Although Shezi repeatedly denied the allegations Ledwaba, an unnamed investor, continued to file complaints against Shezi. These complaints culminated in the issuing a warrant for the arrest of the bitcoin trader.

The report quotes Ledwaba as commenting on Shezi’s arrest and subsequent court appearance. He stated:

Today is not the right time for me to lay bare my entire story and how I suffered at the hands of a man trusted as the matter has just gone to court.

In the meantime, the Sowetan newspaper reported that Shezi had already resigned from the company by the time he handed himself in to police. The report doesn’t explain why Shezi decided to resign prior to being handed over.

Do you agree with the court’s decision to grant bail to Shezi? Let us know what you think below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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