South African Authorities Investigate Fraudulent Crypto Exchange Africrypt

The South African Hawks Police Department is reviewing a number of criminal litigations leveled against Raees and Ameer Cajee, the pioneers of defunct crypto exchange Africrypt. Search is currently underway in Johannesburg, Durban, and two other cities to fish out the brothers who reportedly scammed investors of $3.6 billion in bitcoin.

“There are multiple victims in these cases,” Colonel Philani Nkwalase of the Hawks Police Unit said, adding that “Investigations are ongoing.”

RELATED: Ukraine’s Security Service busts illegal Crypto Exchange Network

Crypto exchange

Raees and Ameer absconded last April after reports of their illegal operations broke. At the time, John Oosthuizen, who represented the pair in court, denied the accusations, claiming that the exchange was hacked. A few days later, he announced that he was no longer contracted to the brothers. Africrypt’s scandal is the second crypto exchange scam to unfold in South Africa in recent times. This has sparked a new resurgence within the South African Financial Sector Conduct Authority to regulate the local crypto industry.

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