Perpetrators of ‘Africrypt Scam’ Deny Allegations of Crypto Fraud before SA High Court

After the notorious crypto scam of MTI, the other mega crypto scam allegedly that happened in South Africa is that of Africrypt. Millions of dollars’ worth of virtual assets have been lost purportedly to crypto criminals who managed to breach Africrypt’s protocols. While Africrypt’s owners, i.e. Ameer and Raees Cajee, are claiming that their firm is scammed yet victims are alleging them as frauds.

The victims have now moved into the court by filing criminal proceedings against Africrypt, its owners, and officials. They are claiming a refund of their lost virtual funds. The prosecution’s case is that the Cajee brothers are crypto fraudsters who have orchestrated the hack. However, they themselves have looted the funds belonging to the clients of Africrypt. On the other hand, the claim of the defense is that the firm was allegedly hacked and funds were stolen. Apparently, the case is currently going in the favor of the victims and against the Cajee brothers.

The important aspect of the case is that while the trial is going on but the defendants (i.e. Cajee brothers) are absconding. Because of their non-personal appearance in the case, the defense case has become weak. However, an affidavit was submitted by one of the accused before the Court. In this affidavit, the accused claimed that they cannot join the trial in person as they have been receiving life threats. The accused noticeably apprised the Court of their excuse why they cannot appear before the Court and why they have fled.

In the meanwhile, the Court continued with the trial in the absence of the accused but in the presence of the council of the accused. So far an interim order for liquidation of assets of Africrypt has been passed by the Court. It is anticipated now that in a matter of few months, the South African High Court will be issuing the final order. However, for the time being, the court is hearing the arguments of both sides before jumping to the final conclusion.

Raees Cajee, the accused, has claimed in the affidavit that neither he nor his brother has committed any crypto fraud. In fact, he denied the claim lodged by their firm’s customers in which they have alleged a loss of US$ 3.6 Billion. Contrary to the claims of the victims, Raees has been claiming in the affidavit that the total loss is not more than US$ 6 Million.

He also denied the allegations suggesting that Raees had owned and controlled a bank account by the name “FNB”. He further denied the allegations that neither of the Africrypt’s funds was utilized by the Cajee brothers for their own use. Instead, they asserted that the funds obtained from the customers were invested into virtual assets at the request of the customers.


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