Ameer Raees Cajee Africrypt fcsa cryptocurrency

Ameer and Raees Cajee, on either side of the rider. Photo: Instagram

Grand Theft Crypto: Anonymous investor offers R77m for Africrypt there’s a catch

‘Get out of jail card’ for the Cajees? An anonymous investor is offering to buy 51% of Africrypt but only if criminal proceedings against the brothers are dropped.

Ameer Raees Cajee Africrypt fcsa cryptocurrency

Ameer and Raees Cajee, on either side of the rider. Photo: Instagram

The Cajee brothers – Raees and Ameer – disappeared shortly after they told investors that their cryptocurrency exchange Africrypt was “hacked” and billions of dollars of bitcoin was stolen in April.

Now, an anonymous investor has offered liquidators $5 million for a 51 percent share in the company – but there’s a catch, all criminal proceedings against the Cajee brothers must be dropped.

READ: Grand Theft Crypto: Cajee brothers vanish from SA along with R51 billion in Bitcoin


According to Moneyweb, at least one of the creditors whose money disappeared along with the brothers described the offer as a “get out of jail free card.”

Creditors are expected to vote on the matter on Friday, 12 November. If 75 percent of creditors support the deal, it will become an order of the court.

The deal entails $4 million (R61,6 million) that will go towards paying the creditors’ claims against Africrypt and the remaining $1 million (R15,4 million) will be used as capital.

Another eyebrow-raising condition put forward by the anonymous investor is that the Cajee brothers must be appointed to the Africrypt board along with one of the liquidators – Eugene Januarie – and a representative of the anonymous investor.

If the deal is approved, the anonymous investor would receive a 51 percent stake in Africrypt and the remaining 49 percent will be doled out to the creditors in accordance with their investments.

READ: Grand Theft Crypto: FCSA says the Cajee brothers’ Africrypt resembled a Ponzi scheme


The Africrypt investors launched legal proceedings against the Cajee brothers shortly after they disappeared along with the money.

To this day they maintain that the crypto exchange was hacked. Forensic investigators, however, are less certain, according to Moneyweb.

 Although this deal would absolve them of their troubles, there is a feeling that it is likely to be accepted by the required number of creditors because it is better than receiving nothing, according to the report.

“It’s a ‘get out of jail free card’ for the Cajees,” said one creditor to Moneyweb. “Who would invest in a business like this as if it had any credibility or chance of success, other than someone very close to the Cajee family?”

When Africrypt went down in April, it was reported that $3,6 billion (R51 billion) was swiped from investors’ accounts. The liquidators have said that creditors are owed about R200 million. However, this figure represents the deposit amounts and not the value of the cryptocurrency that vanished – the real value of the claims against the exchange is still uncertain.

Derek Hanekom, the attorney who has been representing a number of creditors throughout the ordeal, told Moneyweb that the “proposed compromise certainly comes at a convenient time.”

The value of Bitcoin has skyrocketed by approximately 200 percent over the last year and Ethereum by half of that.

“We trust that the general body of creditors will make the right decision when the proposal is tabled for a vote,” said Hanekom.