Financial watchdog issues public warning about engaging in FX trading with Grootman

Themba Selahle, also known as @xo grootman on social media, often shares images of his opulent lifestyle to his 338 000 Instagram followers, prompting South Africa's financial watchdog to issue a warning to the public: proceed with caution when doing business with him.

Selahle's page features pictures of expensive automobiles, fancy clothing, and opulent dinners.

On a recent post, he said, “I live the picture-perfect life that your lovers lie about in their captions. He wrote on another, ”I shall live and breathe luxury for as long as I am alive, a vow I've made to myself when I was a young lad (sic).

The Financial Sector Conduct Authority (FSCA) asserts that Selahle promises to deal in foreign exchange on behalf of the general public.

“He is accused to disregard clients when they seek to withdraw their monies or their gains,” the statement read. He promises huge and exorbitant returns to clients.

Selahle was not permitted to offer financial consulting and intermediary services in South Africa, according to the watchdog.

The FSCA reminds out that anyone seeking to trade in financial goods on behalf of South African nationals are obliged to be licensed by the FSCA, without commenting on the business of Mr. Selahle or the products and services supplied.

Over 7,500 people have signed a different petition on change.org to “stop his illegal crimes.”