Raees and Ameer Cajee, known as the Bitcoin brothers, are under investigation in Switzerland after one of them was arrested while attempting to access safety deposit boxes in Zurich. The brothers, originally from South Africa, were behind the notorious Africrypt Ponzi scheme, which collapsed in 2021, leaving investors with huge losses.
Africrypt promised high returns through cryptocurrency investments, claiming to leverage AI-driven trading software for consistent monthly profits. Their “Aggressive” plan offered returns up to 13% per month, luring investors into the scam. The Cajee brothers used the profits to fund a lavish lifestyle, including driving Lamborghini Huracans and staying at the luxurious Houghton Hotel.
However, the scheme unraveled in April 2021 when they claimed that Africrypt had been hacked, and all cryptocurrency assets were stolen. Shortly after, the brothers disappeared, and media reports in June 2021 revealed that $3.6 billion in crypto assets were allegedly gone.
The initial estimate of the stolen funds was later proven incorrect, as investigators revealed that the wallet address linked to Africrypt’s account was tied to a cryptocurrency exchange, not to the Cajees. Nonetheless, their $5 million claim of stolen funds still left many questions unanswered.
Swiss authorities became involved when one of the Cajee brothers was arrested in Zurich while attempting to access safety deposit boxes containing hardware wallets, which store cryptocurrencies securely. Swiss prosecutors launched an investigation into money laundering, and the brother spent six months in pretrial detention before being released on bail. His bail conditions required him to surrender his passport and remain in Switzerland.
Despite the ongoing investigation, details about the seized assets, the identity of the arrested brother, and the exact amount of money involved remain unclear. The Public Prosecutor’s Office confirmed that items related to Africrypt were seized, and the brothers are under investigation for money laundering. However, the presumption of innocence applies until the legal process concludes.
The Cajee brothers have yet to comment on the investigation, and the Hawks have not responded to queries regarding their ongoing probe in South Africa. This case highlights the growing global attention on cryptocurrency fraud and the international efforts to hold scammers accountable.
