WINDHOEK, Namibia — Carlos Batista Valdés, a Cuban national accused of participating in a major international cryptocurrency scam, declared his innocence this week alongside thirteen co-defendants during a court hearing in Namibia’s capital.
The group, which includes Chinese, Singaporean, and Namibian citizens, faces 222 charges ranging from fraud and racketeering to human trafficking and violations of immigration laws. All defendants denied the charges before Magistrate Monica Andjaba during proceedings at the Windhoek Magistrate’s Court.
The case has been adjourned until July 31, when Namibia’s Attorney General is expected to decide on the next steps in the prosecution.
The alleged scam, first uncovered in October 2023, centers around a Namibian-registered company called Raylon Investment. Authorities claim the firm used false digital identities to contact victims around the world, convincing them to invest in fraudulent cryptocurrency opportunities.
According to Namibia’s Attorney General Martha Imalwa, the scheme employed over 150 Namibians in Windhoek and may have defrauded investors of approximately $465,400 USD—equivalent to 9 million Namibian dollars.
While Batista Valdés’s exact role in the operation remains unclear, he is one of 15 individuals originally arrested in connection with the alleged scam. Thus far, no evidence has publicly confirmed a direct link between him and the company or its victims.
Among the accused is Li Zirian, a Chinese national who missed court appearances on March 31 and again this past Thursday. A warrant has since been issued for his arrest, despite his prior release on 70,000 Namibian dollars bail.
All remaining defendants are currently out on bail as the legal investigation continues.
Authorities are urging anyone with information related to the scheme or its operators to come forward as they work to unravel the full extent of the international operation.
