Investors to sue CEO of alleged $17 million crypto-currency scam

Investors in the South African crypto currency firm VaultAge Solutions plan to file a case against the company’s CEO, Willie Breedt, for allegedly defrauding 2,000 investors out of approximately USD 17 million.

Breedt flees abroad
On 1 June, Cointelegraph reported that Crypto Cash was believed to have fled South Africa to Mozambique in December 2019. The South African Ministry of Home Affairs indicated that he had not returned since then.

Operator of alleged crypto coin scam flees South Africa to Mozambique

After fleeing to Mozambique, Breedt reportedly cut off all communication with his investors, except for an email that tried to assure them that their funds were safe and that their money would be returned. The local news media News24 claims that Breedt indicated that payments would start before 30 May.

Having received no response, investors are now consulting lawyers to proceed with a case against Breedt. They intend to file an urgent application in the Port Elizabeth High Court this week. One investor, Annette Veldsman, said:

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„Our goal is to have the application where we will seek relief from the court, before the Superior Court, by the end of the week.“

Breedt left an empty bank account

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South Africa’s Major Crimes Investigation Directorate, also known as Hawks, is also investigating a criminal case against the accused fraudster for allegedly falsifying proof of payment documents.

While Breedt himself has not answered any questions about his whereabouts or related payments, the investigation found that his bank account, which previously held US$3.15 million, was now empty.