South Africa’s AfriCrypt Brothers to Testify Claiming Clients are Pursuing the Wrong Company

The AfriCrypt brothers, Ameer and Raees Cajee, who fled South Africa after alleging that wallets holding investor funds had been hacked, are set to appear before an inquiry in October 2021.

According to a local South African publication, Ruann Kruger, a representative of the Africrypt’s court-appointed liquidators, said the brothers have agreed to testify on 19-20 October 2021 in a virtual session.

The brothers had been subpoenad to appear before the inquiry in mid-September 2021 but this was postponed as their attorney asked to consult with them due to safety concerns.

When they went into hiding, the brothers alleged that they feared for their lives and that they were receiving death threats.


SEE ALSO: South African Crypto Investment Firm, AfriCrypt, Reportedly Defrauds Over $3.6 Billion from Investors


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It is thought that they, or atleast one of them, is in Tanzania. A statement from Raees bore the stamp of the South African embassy in Tanzania.

Meanwhile, during the first part of the inquiry, holes continued to be punched in the hacking narrative. The latest one is from Africrypt now former compliance officer, Daniel Opperman.

According to Kruger, Opperman told the first part of the inquiry that he learnt about the hack in the media. Moreover, just a few days after the hack is said to have happened, the Cajees did not notify him even though they had been in a meeting together.

Another red flag was indicated by a director and manger of a PR firm called Duke Advertising, which had signed a 14-month contract worth 3 million rand (approximately $200, 000) with Africrypt. They told the inquiry that 3 months into the contract, they were paid the full amount.

In their affidavit opposing final liquidation, Raees has said the proceedings were against the wrong organization since clients signed investment contracts worth an entity he refers to as Rae Create Wealth and not Africrypt.

Some investors have asked the court to have Africrypt liquidated completely to assist in recovery of investor funds. It is currently under provisional liquidation since April 2021.


RECOMMENDED READING: We Have to Regulate Crypto Due to Scams, Says Governor, South Africa Reserve Bank (SARB)


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