Africrypt turns sour on investors: Founders flee as court cases build up

Africrypt turns sour on investors: Founders flee as court cases build up


Two South African brothers are facing mounting pressure to come forward to authorities as investigators delve into one of the biggest cryptocurrency thefts in the country.

Raees and Ameer Cajee are central figures in the now infamous Africrypt cryptocurrency investment scheme saga. Local investors have been left in the dark and out of pocket following what the Cajee brothers claimed was a hacking incident that saw the company’s cryptocurrency holdings stolen.

The brothers headed up the purported investment firm which promised lucrative returns on investments, as per its 2020 investment presentation. Clients could either make South African rand or Bitcoin (BTC) deposits to Africrypt, which then managed those investments.

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Things fell apart in April 2021 after Raees Cajee informed investors through a letter that hackers had allegedly stolen an unconfirmed amount of its holdings. Shortly after the Cajees had pleaded with clients not to opt for legal proceedings, the Africrypt website went offline.

There are conflicting reports around the actual value of

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