Trail of Brothers Linked to Missing Bitcoin Stash Is Still Murky

The Cajee brothers, who ran a cryptocurrency investment platform from South Africa that the local regulator suspects of being a Ponzi scheme, are confounding both their family and desperate investors alike.

It’s still hard to establish the whereabouts of Ameer and Raees Cajee, the pair that operated Johannesburg-based Africrypt since 2019. They appear to have vanished, along with an estimated $3.6 billion in Bitcoin -- an amount that a lawyer for the brothers said was inflated.

Attorney Gerhard Botha, who’s working on the firm’s liquidation case, said some of his clients last made contact with the brothers in May, and ...