Buyers in Collapsed South African Crypto Platform Push for Jailing of Africrypt Administrators – Regulation Bitcoin Information

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A group of investors in Africrypt are reportedly pushing for criminal charges to be brought against the directors of the now-defunct cryptocurrency investment platform. Opponents of the move argued that the move is unlikely to be successful as many of the investors have already had some of their funds returned.

Mystery Investor is investing more than $ 5 million in Africrypt

In a new twist to the Africrypt saga, a group of investors in the collapsed cryptocurrency investment platform are reportedly taking steps to ensure criminal charges are brought against the company’s two missing directors. The move by these investors comes just weeks after a mysterious investor paid more than $ 5 million to save Africrypt.

According to a Bloomberg report, this investor group wants a quick resolution of the matter and has raised the possibility of pursuing the case via a private lawsuit. These investors will be represented by Sean Pierce of Coast to Coast Special Investigations. In an interview, Pierce explains why investors are demanding a criminal complaint against the two directors of the crypto platform, Raees and Ameer Cajee. He said:

We urge that the brothers be charged with fraud, theft, and possibly money laundering. They can live to be 10 to 15 years old if they are offended for the first time.

complaint

However, some – including an attorney who represents Africrypt – have hinted that the attempt to prosecute the Cajee brothers is unlikely to be successful. They argue that an agreement that a majority of investors agreed to before being refunded leaves the mysterious investor in control of all of their claims against Afrcrypt.

As previously reported by Bitcoin.com News, a majority of Africrypt investors had agreed to the terms proposed by Pennython Project Management LLC, a Dubai registered company. According to the proposal, investors would be paid the equivalent of 65 cents for every dollar invested.

Although Pierce is quoted in the report as admitting that some of the investors he represents have actually been reimbursed, he insisted that investors “are still moving the criminal case as money is still being lost”.

Do you think these investors will be able to arrest the directors of Africrypt? Let us know what you think in the comments below.

Terence Zimwara

Terence Zimwara is an award-winning journalist, writer, and writer based in Zimbabwe. He has written extensively on the economic problems faced by some African countries and how digital currencies can provide an escape route for Africans.



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