A new investigation reveals Africrypt founders are back in South Africa, reigniting unresolved investor claims.
Raees Cajee and Ameer Cajee, founders of collapsed crypto platform Africrypt, have reportedly returned to South Africa. Investigative TV program Carte Blanche traced the brothers to the gated Zimbali Estate in KwaZulu-Natal after years abroad.
Africrypt operated between 2019 and 2021, promising investors returns of up to 13% per month through an alleged AI-powered trading system. In April 2021, the platform collapsed after the founders claimed a hack had wiped out funds. Estimated losses range between $40 million and $50 million, though figures remain disputed.
The brothers previously traveled across multiple jurisdictions, complicating asset recovery. Ameer was briefly arrested in Switzerland in 2021 before being released on bail. Despite their return, legal service and asset tracing remain major hurdles. The case highlights the challenges of cross-border crypto enforcement and ongoing regulatory concerns flagged by the South African Reserve Bank.
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