Investors in Collapsed South African Crypto Platform Push for Jailing of Africrypt Directors – Regulation Bitcoin News

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

Mystery Investor injects more than $ 5 million into Africrypt

In a new twist to the Africrypt saga, a group of investors in the collapsed cryptocurrency investment platform is 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 mystery investor paid more than $ 5 million to rescue Africrypt.

According to a Bloomberg report, this group of investors wants the matter resolved quickly and has raised the possibility of taking the case through private prosecution. 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 are pushing for the brothers to be charged with fraud, theft, possibly money laundering. They can receive 10 to 15 years for a first offense.

Criminal charges

However, some, including a lawyer representing Africrypt, have suggested that the push for the Cajee brothers to be criminally charged is unlikely to be successful. They argue that a settlement that a majority of investors agreed to before being repaid gives effective control of all their claims against Afrcrypt to the mystery investor.

As previously reported by Bitcoin.com News, the majority of Africrypt investors had agreed to the terms proposed by Pennython Project Management LLC, a Dubai-registered company. Under 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 were reimbursed, he nevertheless insisted that the investors “are still moving forward with the criminal case as there is still money lost.”

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

Terence zimwara

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