Directors of collapsed South African crypto investment firm testify about virtual platform – regulation

Ameer and Raees Cajee, the two directors of South African crypto investment platform Africrypt, will take part in an investigation aimed at sealing the fate of the collapsed company.

The death threats

According to an Itweb Test report, the Cajee brothers — who have agreed to testify on Oct. 19 and 20 — will only do so virtually. The report confirms that both Ameer and Raees, who have already received several death threats, were initially scheduled to appear before the inquest in the second week of September 2021. However, this was postponed after the Cajee brothers' lawyer requested "an extension to consult further with their clients."

The report also shows that other Africrypt executives such as former compliance officer Daniel Opperman, Wayne Naidoo (director) and Steve Miller (manager) have already testified via a virtual platform. In his statement, Opperman is said to have told the investigation that he only became aware of the hack into Africrypt's system through media reports.

As before reported from Bitcoin.com News, Africrypt collapsed a few weeks after Ameer and Raees informed investors about the hacking event. However, following Africrypt's collapse and the disappearance of its directors, some aggrieved investors successfully applied for the company's liquidation.

Africrypt's defense

However, in an affidavit opposing the issuance of the final liquidation order, Raees insists that “the liquidator’s application was made against the wrong company”. He even claims that clients actually “signed investment contracts not with Africrypt, but with a company called Raee Create Wealth.”

However, as the Itweb report notes, “bank statements obtained by Tayfin Forensic Investigative Auditors showed that all transactions on Africrypt were moved to Raee Create Wealth.” The report adds that this evidence will now appear in the forensic report on Africrypt.

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