Raees and Ameer Cajee, known as the Bitcoin Brothers, were involved in a R54-billion crypto scheme in South Africa before disappearing. While initial reports alleged a hack, the scheme is now suspected to be a Ponzi scheme. Raees Cajee was arrested in Zurich attempting to access safety deposit boxes containing hardware wallets.
When the brothers Raees and Ameer Cajee were catapulted to infamy in 2021 as the Bitcoin Brothers, it was thanks to a report that they had operated a R54-billion crypto scheme in South Africa and absconded with the money.Lawyers representing victims of the scam had hired an amateur crypto sleuth who traced the Bitcoin deposits made into Africrypt’s account to a wallet address that had received over 69,000 bitcoins.
Africrypt is a scam that operated in South Africa between 2019 and 2021 that allowed people to deposit South African rands or cryptocurrency and earn outsized monthly returns on their investments. Africrypt earned the young Cajee brothers enough money to live an extravagant lifestyle — reportedly driving around in a Lamborghini Huracan and taking up residence in the luxurious Houghton Hotel.The scheme came crashing down around them at the start of 2021. In a letter signed by Ameer dated 13 April 2021, the brothers told investors that Africrypt had been hacked and all its cryptocurrency holdings stolen.
Although the brothers had gone to ground, they continued to communicate with journalists and filed responding papers in the court application brought to liquidate Africrypt.that they were managing just over $200 million at the height of the crypto boom, and alleged no more than $5 million was lost when Africrypt was hacked.to have court documents stamped at the South African High Commission in Dar es Salaam.
CRYPTOCURRENCY PONZISCEME MONEY LAUNDERING SOUTH AFRICA AFRICRYPT
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