Publications
Partners
- Get the biggest business stories emailed to you every weekday, or go to the Fin24 front page.
South Africa's financial watchdog has warned the public to be careful when doing business with Themba Selahle, better known on social media as @xo_grootman, who regularly posts pictures of his luxury lifestyle to his 338 000 followers on Instagram.
Selahle’s feed depicts lavish meals, designer clothes and high-end cars.
"I live the picture perfect life that your boyfriends lie about on their captions," he wrote on a recent post. "I will live & breathe luxury for as long as I am alive, promise I’ve made to myself since I was a little boy (sic)," he wrote on another.
According to the Financial Sector Conduct Authority (FSCA), Selahle allegedly offers to trade in forex on behalf of members of the public.
"He promises high and unreasonable returns to clients and is alleged to ignore them when they attempt to withdraw their funds or their profits," it said.
The watchdog said that Selahle was not authorised to provide financial advisory and intermediary services in South Africa.
"Without commenting on the business of Mr Selahle or the products and services offered, the FSCA points out that persons offering to trade in financial products on behalf of South African citizens are required to be licensed by the FSCA."
A separate petition on change.org to "stop his criminal activities" has garnered over 7 500 signatures.
