Missing brothers’ lawyers terminated from SA bitcoin case

29 June 2021 - 07:38 By Loni Prinsloo and Roxanne Henderson
Lawyers for the Cajee brothers, who ran a cryptocurrency investment platform from SA that regulators suspect of being a Ponzi scheme, said their mandate to assist them has been terminated.
Lawyers for the Cajee brothers, who ran a cryptocurrency investment platform from SA that regulators suspect of being a Ponzi scheme, said their mandate to assist them has been terminated.
Image: 123RF/KONSTANTIN SHAKLEIN

Lawyers for the Cajee brothers, who ran a cryptocurrency investment platform from SA that regulators suspect of being a Ponzi scheme, said their mandate to assist them has been terminated.

The statement on Monday from the lawyers came just two days after their first public defence of the brothers who had been accused of vanishing along with an estimated R51.4bn in bitcoin from their Africrypt investment platform.

“Our mandate to assist the Cajee Brothers has been terminated,” John Oosthuizen, a Johannesburg-based attorney, said in an email, when asked for comment on the brother’s whereabouts. “I look forward to reading your reporting on the Africrypt saga further.”

The brothers have not been seen since they told their investors in April that the platform had been hacked. Their location is still unknown. Oosthuizen previously said that Raees and his elder brother Ameer Cajee, denied absconding with the funds. They never notified the police about the hack, but said they would co-operate with future investigations, he had said.

The mobile phone of Raees that was momentarily switched on on Sunday evening, was again unreachable at the time of writing.

“This entity was offering exceptionally high and unrealistic returns akin to those offered by unlawful investment schemes commonly known as Ponzis,” the Financial Sector Conduct Authority said last week. “The public is urged to understand that unrealistically high returns suggest that the investment scheme is likely to be fraudulent.”


subscribe