A group of investors in Africrypt is reportedly pushing for criminal charges against the directors of the now-defunct cryptocurrency investment platform. Opponents of the move argue the push is unlikely to succeed because many investors have already been repaid some of their funds.

Mystery investor pours over $5 million into Africrypt

In a new twist in the Africrypt saga, a group of investors in the defunct cryptocurrency investment platform is reportedly taking steps to secure criminal charges against the firm’s two missing directors. Just a few weeks ago, a mysterious investor paid over $5 million to rescue Africrypt.

According to Bloomberg Report, this group of investors hoped that the matter would be resolved as soon as possible, and raised the possibility of private prosecution. These investors are represented by Sean Pierce of Coast to Coast Special Investigations. In an interview, Pierce explained why investors want to bring criminal charges against the crypto platform’s two directors, Raees and Ameer Cajee. He said:

We are pushing for fraud, theft and money laundering charges against the brothers. They can get 10 to 15 years in prison for their first offense.

criminal charges

However, some, including lawyers representing Africrypt, said the push to bring criminal charges against the Cajee brothers was unlikely to succeed. They argue that an arrangement agreed to by most investors before being compensated gives control of all their claims to Afrcrypt to the mystery investor.

as before report According to Bitcoin.com News, a majority of Africrypt investors have agreed to terms proposed by Dubai-registered firm Pennython Project Management LLC. Under the proposal, investors would be paid the equivalent of 65 cents for every dollar invested.

While Pierce was quoted in the report as saying that some of the investors he represented did get reimbursed, he insisted that investors “are still moving forward with criminal cases because there is still money to lose.”

Do you think these investors will succeed in getting the Africrypt director behind bars? Let us know what you think in the comments section below.

Terence Chimwala

Terence Zimwara is an award-winning journalist, author and author from Zimbabwe. He has written extensively on the economic woes of some African countries and how digital currencies can offer Africans an escape route.