Investors from CBI Global are being drawn into the GSPartners Ponzi scam by Coenie Botha.
The action comes after Botha’s personal and company accounts were frozen by the Bank of Namibia last month.
In a webinar on March 10, Botha gave instructions to CBI Global affiliates on how to sign up for GSPartners with the help of South African GSPartners investor Ray De Bruyn.
Former Karatbars International executive Josip Heit is the owner of GSPartners, an MLM cryptocurrency Ponzi scam.
Following Karatbars’ unsuccessful attempt at MLM cryptocurrency fraud in 2019, Heit split out GSPartners.
Investors in CBI Global do so through Botha’s GSPartners account, guaranteeing that he receives any commissions generated as a result of their action.
I assume Ray De Bruyn is Botha’s GSPartners upline, however, this hasn’t been verified. So he too receives a cut.
In addition to GSPartners, the Ponzi scheme’s GS Lifestyle card is being advertised as a way for CBI Global investors to withdraw cryptocurrencies.
Through GSPartners, CBI Global investor monies will essentially be laundered as a result of the merger.
Investors in CBI Global discovered what that meant after registering.
It is expensive to convert bitcoin if you (with)draw it to your GS Lifestyle card and then wish to use it.
To utilize the GS Lifestyle card, I completed a transaction yesterday in which I placed some bitcoin onto the card and then intended to convert it to dollars.
The amount you will get is now displayed when you enter the figure. You’ll collapse to the ground between the purchase and sell prices and the market price.
The profit margin is somewhere about 15%. Thus, it is pricey.
That was Botha during a CBI Global webinar on March 28.
Botha provided an update on CBI Global’s regulatory issues in Namibia at the same webinar.
They froze our accounts—mine personally as well as the corporate account—and they did it, in our opinion, illegally.
The Judge then arrived there. with a suggestion, and the suggestion he made, he stated in a ruling, was that they should unfreeze our account, subject to Bon not objecting to anything we do, so that we may pay our expenditures.
Thus, it is still frozen. And we are now (have already) suing Bon throughout the previous week. And by Friday, we ought to understand what is happening.
Since the webinar on March 28, there have been no further developments.
Afrika Jantjies was presented by Botha at a previous webinar on March 21.
Jantjies (right) is an attorney based in South Africa and the compliance officer for CBI Global.
We represent CBI as legal counsel. I also serve as CBI Exchange Namibia’s compliance officer.
It is my responsibility to tell my client to quit doing something that is against the law or not by the law.
Jantjies is compensated to approve Botha’s illegal actions rather than alerting him to the fact that he is operating a Ponzi scheme and committing securities fraud.
Jantjies brings out an FIC registration for CBI Exchange Namibia (PTY) LTD to do this.
The problem is, and always has been, that CBI Global is not registered with financial regulators, be they the FSCA in South Africa or the Bank of Namibia in Namibia.
The Financial Intelligence Centre registration does not eliminate or discharge CBI Global’s regulatory duties about securities.
The following comment, given during the March 21st webinar, perfectly exemplifies Jantjies’ CBI Global pretense of compliance:
The general public cannot make deposits with CBI. That, in my opinion, is crucial.
Later on, in the same webinar, Botha expressly refutes Jantjies assertion;
There is a little cost, nevertheless, if you deposit and or Namibian dollars into the (DafriBank) account.
From there, you may send money straight to us into our account.
CBI Global affiliates were introduced to DafriBank as a means of evading Namibian regulatory action.
Here is how it stands;
People who withdrew BTC into their DafriBank accounts have received complaints. On the transaction, they also impose a fee of up to 27%.
It seems Botha may be considering relocating CBI Global’s activities to Dubai in the future.
Botha: Afrika informed us that he had visited Dubai. We are all aware that he was in Dubai the previous week.
And he traveled there for a specific reason, which we shall discuss in another scenario.
Jantjies: There are things we’re working on there that we’ll undoubtedly reveal later.
The world’s MLM fraud capital is Dubai. The emirate offers a sanctuary for con artists because MLM-related securities fraud is not regulated and there are no extradition treaties.
Investors won’t be pleased with CBI Global and Botha’s decision to move operations to Dubai.
Botha has advised investors to “simply ignore” the known fraud and regulatory non-compliance of CBI Global until further notice.
Update: Coenie Botha removed the mentioned GSPartners and Afrika Jantjies introductory webinars on May 18, 2022.
Although I had previously supplied links to the webinars, I have since disabled them.