Founders Return to Face $50M Investor Lawsuit
Raees and Ameer Cajee, the founders of the collapsed crypto investment platform Africrypt, have returned to South Africa years after fleeing the country in 2021. According to an investigative report, the brothers are residing in the gated Zimbali Estate in KwaZulu-Natal, where private security has prevented legal representatives from serving papers. Investors are actively pursuing legal action to recoup significant losses.
Gerhard Botha, a lawyer for an investor who claims a loss of approximately $50 million, highlighted the difficulties in holding the brothers accountable. Lawyers have been unable to make direct contact despite tracing them to multiple locations.
They can protect themselves. They’ve got security. Because they have money.
— Gerhard Botha, Lawyer.
Africrypt Wiped Out Millions After Promising 13% Returns
Operating from 2019 to 2021, Africrypt solicited investments in both rand and cryptocurrency by promising exceptionally high yields. The platform marketed a proprietary AI-powered trading system that it claimed could generate returns of up to 13% per month for its clients. The operation came to an abrupt halt on April 13, 2021, when the Cajees informed users that the platform was hacked and all funds were stolen.
The founders subsequently left South Africa, traveling through several countries while investor losses mounted. Initial reports incorrectly suggested as much as $3.6 billion was missing, but later investigations revised the estimated losses to a range of $40 million to $50 million. The exact total remains unconfirmed. Ameer Cajee was previously arrested in Switzerland in 2021 while accessing safe-deposit boxes but was later released on bail.
Case Highlights Growing Crypto Risks in South Africa
The Africrypt case serves as a high-profile example of the risks identified by South African regulators. In a November 2025 report, the South African Reserve Bank flagged digital assets as an emerging threat to financial stability. The central bank noted that crypto adoption had accelerated, with the country's three largest exchanges holding approximately $1.5 billion in custody for 7.8 million users by July 2024.
Regulators expressed concern that the borderless nature of cryptocurrencies could be used to circumvent capital controls. The report also observed a market shift toward US dollar-pegged stablecoins over more volatile assets like Bitcoin, indicating a growing, albeit evolving, engagement with digital assets within the country.
