Investors in collapsed South African crypto platform demand jail of Africrypt administrators – Bitcoin News

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A group of Africrypt investors are reportedly pushing for criminal charges against the administrators of the now defunct cryptocurrency investment platform. Opponents of the move argued that this push is unlikely to be successful because many investors have already been reimbursed for part of their funds.

Mystery investor injects more than $ 5 million into Africrypt

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

According to a Bloomberg report, this group of investors want the case to be resolved quickly and have raised the possibility of pursuing the case through a private lawsuit. These investors are represented by Sean Pierce of Coast to Coast Special Investigations. In an interview, Pierce explains why investors want criminal charges brought against the two directors of the crypto platform, Raees and Ameer Cajee. He said:

We ask that the brothers be charged with fraud, theft, possibly money laundering. They can get 10 to 15 years for a first offense.

Criminal charges

However, some – including a lawyer who represents Africrypt – have suggested that efforts to indict the Cajee brothers are unlikely to be criminally charged. They argue that a deal that a majority of investors agreed to before being reimbursed effectively gives control of all their claims against Afrcrypt to the mystery investor.

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

Although Pierce is quoted in the report admitting that some of the investors he represents were indeed reimbursed, he nevertheless insisted that the investors “are still pursuing the criminal case because there is still money lost.” .

Do you think these investors will be successful in their attempt to jail the directors of Africrypt? Let us know what you think in the comments section below.

Terence zimwara

Terence Zimwara is an award winning journalist, author and writer from Zimbabwe. He has written extensively on the economic problems of some African countries as well as how digital currencies can provide Africans with an escape route.

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