A Dubai-based businessman has issued summons for the recovery of R300m in US dollars and bitcoin he says was stolen by Raees and Ameer Cajee, the Johannesburg brothers who made headlines in 2021 when their previous company Africrypt allegedly lost about R200m due to what they claimed was a hack.

Moneyweb reports that they tapped their networks to attract the funds from investors, promising returns of up to 10% a month.

The hack was never independently verified, but the company eventually paid out creditors 65 cents in the rand with funds provided by a foreign-based company, Pennython Project Management LLC.

The latest summons from the UAE businessman provides a little more insight to the activities of the brothers since then. It paints a picture of two talented and skilled crypto traders, who allegedly racked up verifiable gains of 115% in crypto trading over a roughly six-month period.

‘The defendants (the Cajee brothers) fail and refuse to communicate with the plaintiff, and further refuses (sic) the plaintiff access to the investment made by the plaintiff under the control of the defendants,’ reads the summons.

The summons claims this constitutes a repudiation of the agreement between the parties, and the investor is now demanding the return of the roughly $4.58m originally invested as well as damages of $13.84m; a total of $18.4m.

The Cajees argue this would amount to a double recovery.

Full Moneyweb report