Law enforcement officers in South Africa have started an investigation into a number of criminal cases initiated by investors in the bankrupt crypto platform Africrypt, Bloomberg has reported.

The plaintiffs are seeking fraud charges and the arrest of Africrypt founders, brothers Amir and Reis Keiji.

The police are investigating the circumstances of the incident.

In April 2021, Africrypt ceased its operations, announcing it had suffered a hack. Amir and Reis Keiji disappeared, as did the funds of the firm’s clients. Initially, the media reported user funds in the company’s funds amounted to $3.6 billion.

Law firm Hanekom Attorneys, which was hired to investigate the victims of the bankruptcy of Africrypt, argued the brothers used crypto mixing services to cover up the fraud.

The platform’s founders denied the allegations and said the amount managed by Africrypt was significantly lower. According to Reis Keiji, it was just over $200 million.

He also claimed that the brothers were hiding due to death threats.

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