Banxsos offices were raided last week by officers acting on behalf of the joint liquidators who secured a search and seizure warrant from the Cape Town Magistrates Court on 12 December.
The joint liquidators obtained the warrant on the basis that there were reasonable grounds to suspect property and records were being withheld from them. Banxso was an online trading platform offering contracts for difference CFDs, a type of high risk derivative where traders bet on whether an asset will move up or down in price.
Earlier this month, the Financial Sector Conduct Authority FSCA fined Banxsos directors and key individuals a combined R2 billion, and the case was reported to the South African Police Service SAPS for criminal investigation.
