Botha’s most recent legal swindle in Namibia saw him claim that running his Ponzi scheme costs $62,150 per month. This is based on a March carve-out in which the Bank of Namibia was required to unfreeze enough funds for CBI Global’s “day-to-day operations.”
CBI Global was a defunct MLM crypto Ponzi scheme run by a single individual. What operations and costs are involved? The BoN naturally reacted to Botha’s ridiculous claims.
According to New Era, Romeo Nel, the central bank’s compliance officer, is hesitant to release the funds because he is not convinced that the funds will be used as intended.
Botha was only willing to release the funds if he could guarantee that they would not be used to pay investors in the future.
Instead of agreeing, Botha filed a court application demanding that BoN “release just over N $3 million for the period from March to May.”
(Botha) also requests that the court prevent Nel and the authorized officer at Bank Windhoek, Immanuel Murwira, from obstructing the implementation of the March court order and unlawfully imposing conditions on the release of funds.
N$3 million is currently equivalent to approximately $62,150 USD. Botha is said to have given BoN “expense details” to justify the amount. CBI Global was yet another Ponzi scheme. Aside from the absurdity of allowing a Ponzi scheme to claim “day-to-day operations,” CBI Global’s only business operations are to enrich Botha and early investors.
Whether this comes to $62,150 per month or not, Botha should not be able to avoid regulatory action and continue operating his Ponzi scheme.
In their response, the two banks and their officers argue that if the interdict is granted, it could result in the dissipation of funds obtained by CBI in violation of the Banking Institutions Act.
They also claim that CBI is interpreting the March court order incorrectly and does not meet the requirements for an urgent application or a final interdict.
According to them, the application suffers a major setback because it primarily contains conclusions that are not supported by facts or evidence.
Botha’s application has yet to be decided.