Internet fraud has been around for quite some time. When it became too well known, other scams emerged, one of which is the well-known Ponzi scheme, which became popular at one point and caused the majority of participants to lose a large sum of money.
The Ponzi scheme has recently taken a new turn, with the use of the popular money-making network, crypto, to carry out its fraudulent activities.
South African investigation departments launched an inquiry into the Africrypt fraud, with the goal of locating the entire network and apprehending the perpetrators.
Many people are said to have submitted complaints about this program, claiming to have lost large sums of money. According to allegations, a Ponzi scam defrauded victims out of millions of dollars.
Africrypt is a platform run by a handful of individuals. Raees and Ameer Cajee, who were operating this Ponzi scheme-based Platform, are currently known.
Africrypt victims begged the investigation authorities to assist them in combating the scam so that they may all get their money refunded quickly.
According to the bulk of sources, it will be one of the greatest scams in South Africa. Fraudsters participating in the MTI Bitcoin scam were apprehended by a Brazilian police agency recently.
Because MTI was operating its Ponzi scheme in over 170 countries, US agencies were on the lookout for MTI’s linked participants. MTI also received roughly 23,000 Bitcoins as part of this plan. It had a direct link to South Africa as well.
The MTI plan, on the other hand, was active a few years ago and has since been discontinued. After a case was filed against this scheme, withdrawals were halted, and participants vanished from social media, the government agency acted quickly and launched an inquiry.
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