A Namibian man who allegedly operated a Ponzi scheme and is accused of defrauding 79 persons to the tune of N$4.3 million, pleaded not guilty to all counts yesterday in the Windhoek High Court.
Sakaria Megamano Namwandi and his close corporation Asset Legacy Investment is
facing 123 charges of fraud, alternatively theft by false pretences; one count of money-laundering; one count of racketeering; one count of conducting banking business while not authorised; and one count of conducting a Ponzi scheme. In addition, he is charged with two counts of tax evasion and two counts of failure to pay tax.
After State advocate Constance Moyo read out the charges, Namwandi told Windhoek High Court Judge Naomi Shivute that he understands the charges against him, and pleads not guilty.
His Legal Aid-instructed lawyer Joseph Andreas confirmed the pleas, and indicated that they will not reveal the basis of their defence, and thus put the State to prove each and every allegation.
It is alleged that Namwandi was the sole member of Asset Legacy Investment CC, and had the duty to conduct legitimate business on behalf of the entity and facilitate the reception of legitimate business funds held at various banks.
The State claims that he formulated and operated a Ponzi scheme in which he, through the entity, advertised two types of investment facilities to members of the public, through face-to-face interactions as well as social media platforms under the guise that the invested funds would be…
