South African Cops Investigating ‘Brothers Vanish’ Case Regarding Crypto Losses

South African police are investigating a number of fraud cases related to the ‘Brothers Vanish’ Incident for the investors seeking their arrest.
South African Cops Investigating ‘Brothers Vanish’ Case Regarding Crypto Losses

In Brief:

  • South African cops are investigating a number of criminal cases brought by investors seeking brothers’ arrest.
  • Two brothers namely Ameer and Raees Cajeem disappeared in April after $3.6 billion of Bitcoin fraud.

South African cops are looking into a number of criminal cases brought by out-of-pocket investors demanding two brothers to be arrested. The case has been reopened since two brothers, namely Ameer and Raees Cajeem, disappeared earlier this year after telling investors they had been hacked in April.

Victim investors are now seeking the arrest of brothers who were founders of the infamous Africrypt platform. Investors reported the matter after a number of them were offered some of the lost investment by a Dubai-based mystery investor known as Pennython Project Management LLC. 

Till now, they have not been proven guilty of any wrongdoing and the investigation may come to nothing. Investigations are ongoing in four South African provinces and cities including Johannesburg and Durban, According to Lieutenant Colonel Philani Nkwalase. He also stated that there are several victims in these cases.

Nkwalase further informed that financial statements of the victims relating to the different cases are being investigated. Moreover, the alleged fraud doesn’t yet have an official value.

The brothers vanished In April last year after $3.6 billion of Bitcoin disappeared from the Africrypt platform. Though, the lawyer who represented them at the time later disputed the amount. 

Many times, incidents like that occur due to a lack of speculation in the growing crypto industry. Recently, CoinSpot, a major sponsor of the AFL team, was in news for its involvement in fraud of Bitcoin worth up to $21 million. 

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