Africrypt Founders to Give Testimony Next Month

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  • The founders of Africrypt, the South African scam investment scheme, are set to give video evidence next month
  • Ameer and Raees Cajee, whose fund supposedly took in over $2 billion, are in hiding following an alleged hack on the wallets
  • The fund’s compliance officer denied any knowledge of a hack last week

The founders of the Africrypt cryptocurrency scam which is thought to have taken some $2 billion worth of investments before closing amid suggestions of a hack, will testify remotely before a South African court next month. Ameer and Raees Cajee, whose purported success led to a huge number of people investing in their platform between 2019 and 2021, are still in hiding following death threats, hence why their testimony will be given remotely. Africrypt’s former compliance officer has already given testimony, where he said that no one had ever mentioned a hack to him, raising more doubts about the claim.

Cajee Brothers Still in Hiding

Africrypt collapsed in July, leading to the Cajee brothers suddenly becoming two of the most wanted men in South Africa, with reports suggesting that over $2 billion had been put into the fund over the two years of its existence. The full story is yet to emerge, but it seems that Africrypt turned into a typical crypto Ponzi scheme, with the founders living well off the investments and paying out only when new money came in.

No one knows, or will say, where the Cajee brothers are, with a video call from an undisclosed location the only way they would agree to offer testimony. This was due to happen this month but their lawyer requested further time with them prior to the deposition, which was granted. It will now take place over October 19th and 20th.

Africrypt Compliance Officer Wasn’t Told of Hack

The scam’s compliance office did give testimony last however, again via video link, where he denied the brothers’ story of a hack, saying that the first he heard of it was in the media. He told the court that he met with the brothers between the time of the alleged hack and the announcement and that they didn’t say anything about it. Evidence suggests that the Africrypt wallets were emptied in the weeks leading up to the collapse of the platform.

Investigators have been trying to follow the money sent into the Africrypt coffers and recently discovered that all transactions made to Africrypt were moved to a company called Raee Create Wealth, with more details likely to come out during the brothers’ deposition next month.