Crypto: Africrypt Founders Back In South Africa Years After Platform...
Investigators say Raees and Ameer Cajee are back in South Africa years after Africrypt’s collapse, while investors still struggle to serve legal papers.
South Africa’s so-called “Bitcoin Brothers,” Raees and Ameer Cajee, have quietly returned to the country years after the collapse of their crypto investment platform Africrypt, according to a new TV investigation.
A segment aired Sunday by investigative program “Carte Blanche” said the pair is residing inside the gated Zimbali Estate in KwaZulu-Natal, MyBroadband reported on Monday. According to the report, journalists attempted to approach the property but were blocked by private security.
The team also reportedly traced the brothers to a holiday location in Umhlanga and a recent address in Johannesburg, but failed to make direct contact.
Gerhard Botha, a lawyer representing an investor who claims to have lost about $50 million, said legal papers have still not been served. “They can protect themselves. They’ve got security. Because they have money,” Botha told the program.
Cointelegraph reached out to law firms representing duped investors for comment, but had not received a response by publication.
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The Cajees operated Africrypt between 2019 and 2021, promoting the platform as a high-yield crypto investment service. Investors were promised returns of up to 13% per month through a proprietary trading system said to rely on artificial intelligence. The company accepted deposits in both South African rand and cryptocurrency.
Africrypt unraveled on April 13, 2021, when the founders informed users that the platform had been hacked and its holdings stolen. Weeks later, the brothers left South Africa, eventually traveling through the Maldives before reaching Dubai amid pandemic travel restrictions.
Early media reports suggested as much as $3.6 billion had disappeared, but subsequent investigations placed the figure closer to $40 million to $50 million, according to MyBroadband. The exact amount of investor losses remains unknown.
Source: CoinTelegraph
