Hawks probe alleged crypto fraud by Raees and Ameer Cajee

South African police are investigating a number of criminal cases brought by out-of-pocket investors who want two brothers arrested over an allegedly fraudulent cryptocurrency platform. Picture: BLOOMBERG

A group of investors are seeking the arrest of Raees and Ameer Cajee, who ran the Africrypt platform, after a number of them were offered some of the lost investment by a Dubai-based mystery investor known as Pennython Project Management. They haven’t been found guilty of any wrongdoing and the probes may come to nothing.

Financial statements of the victims relating to the different cases are being analysed, Nkwalase said. The alleged fraud doesn’t yet have an official value, he said. The fallout has shone a light on the lack of scrutiny over SA’s burgeoning crypto industry, which has boomed in popularity since the surge in bitcoin just over a year ago. Another SA firm, Mirror Trading International, collapsed in 2020, with losses totalling about $1.2bn.

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