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

Africrypt is reportedly pushing for criminal prosecutions against former directors of the defunct cryptocurrency investment platform. The move is opposed by many investors who have been reimbursed a portion of their investments.

Africrypt is injected by a mystery investor for more than $5 million

In a new twist to the Africrypt saga, a group of investors in the collapsed cryptocurrency investment platform is reportedly taking steps to ensure criminal charges are leveled against the firm’s two missing directors. These investors’ move comes only weeks after an unknown investor spent more than $5million to save Africrypt.

Bloomberg reports that this investor group wants to resolve the issue quickly. They also suggested the possibility of private prosecution. Sean Pierce, Coast to Coast Special Investigations is representing these investors. In an interview, Pierce explains why the investors want criminal charges pressed against the crypto platform’s two directors, Raees and Ameer Cajee. He claimed:

The brothers should be prosecuted for theft and fraud. For a first offense, they could get between 10 and 15 years.

For criminal charges

However, some — including a lawyer that is representing Africrypt — have suggested that the push to have the Cajee brothers criminally charged is unlikely to succeed. The agreement that was reached by a majority before they were reimbursed gives the mystery investor control over all of their claims against Afrcrypt.

Bitcoin.com News reported that the terms of Pennython Project Management LLC (a Dubai registered company) had been accepted by a majority Africrypt investor. The proposal would see investors receiving 65 cents per dollar.

Although Pierce is quoted in the report admitting that some of the investors he represents were indeed reimbursed, he insisted, however, that investors “are still pushing forward with the criminal case as there is still money lost.”

Are you positive that these investors can succeed in their attempt to get the Africrypt directors imprisoned? Let us know what you think below in the comments.

Terence Zimwara

Terence Zimwara was a Zimbabwe award-winning journalist and author. His writings have covered the economic problems of several African countries and how digital currency can offer an escape route.