Investors of collapsed South African crypto platform push for imprisonment of Africrypt directors – Regulate Bitcoin News

According to reports, a group of investors in Africrypt are pushing for criminal charges against the directors of the now-defunct cryptocurrency investment platform. Opponents of this move believe that such a push is unlikely to succeed because many investors have already received partial compensation.

Mysterious investor injected more than $5 million into Africrypt

According to reports, in a new twist in the Africrypt saga, a group of investors in the collapsed cryptocurrency investment platform are taking steps to ensure that criminal charges are brought against the company’s two missing directors. The actions of these investors took place a few weeks after a mysterious investor paid more than $5 million to rescue Africrypt.

According to Bloomberg ReportThis group of investors hoped that the matter would be resolved as soon as possible, and proposed the possibility of prosecuting the case through private prosecution. These investors are represented by Sean Pierce of Coast to Coast Special Investigations. In an interview, Pierce explained why investors wanted to file criminal charges against the two directors of the crypto platform, Raees and Ameer Cajee. He said:

We are pushing our brothers to be accused of fraud, theft, and possibly money laundering. They can get 10 to 15 years in prison for the first crime.

Criminal charges

However, some people, including the lawyer representing Africrypt, said that efforts to bring criminal charges against the Cajee brothers are unlikely to succeed. They argued that the arrangement agreed to by most investors before effective compensation gave them control of all Afrcrypt’s claims to mysterious investors.

As before Report According to Bitcoin.com news, most Africrypt investors have agreed to the terms proposed by the Dubai-registered company Pennython Project Management LLC. According to the proposal, investors will get the equivalent of 65 cents for every dollar invested.

Although the report quoted Pierce as acknowledging that some of the investors he represented were indeed reimbursed, he insisted that investors “are still advancing criminal cases because there are still capital losses.”

Do you think these investors will successfully jail the directors of Africrypt? Tell us what you think in the comments section below.

Terence Zinwara

Terence Zimwara is an award-winning journalist, writer and writer in Zimbabwe. He has written a large number of articles about the economic difficulties of some African countries and how digital currencies can provide a way out for Africans.