CBI Exchange Namibia and Coenraad Barend Nolte Botha under scrutiny
In a recent development, the Bank of Namibia has initiated an investigation into the business dealings of CBI Exchange Namibia (Pty) Ltd and Coenraad Barend Nolte Botha.
Suspicions have arisen regarding their alleged engagement in banking activities, including receiving deposits from the public, without the requisite licensing.
CBI Exchange Namibia and Coenraad Barend Nolte Botha are reported to have conducted banking operations without obtaining proper authorization from the Bank.
According to the Bank of Namibia in a statement, the investigation uncovered that their actions violate section 6 of the Banking Institutions Act, 1998, constituting an offense under the law. Consequently, the Bank has escalated the matter to the Namibian Police for further investigation.
Following the probe, Botha has been apprehended and has made a court appearance this week. The legal proceedings now fall under the jurisdiction of the prosecuting authorities.
It is emphasized that the successful resolution of such cases relies heavily on the cooperation of the public, particularly individuals who have deposited funds as part of the illicit operations. The Bank urges depositors involved in transactions with CBI Exchange Namibia and Botha to come forward and assist the Namibian Police with their inquiries.
In light of this development, the public is cautioned to remain vigilant and to promptly report any suspicious activities resembling these illicit schemes.
Individuals are encouraged to reach out to the Bank of Namibia via [email protected], the Financial Intelligence Centre at [email protected], or directly to the Namibian Police Force for investigation and potential prosecution.
