Law enforcement authorities in the Central African Republic have made a breakthrough in capturing one of the suspected masterminds behind a crypto scam that left numerous citizens at a financial loss. Investors, including high-level politicians, senior civil servants, and traders, claimed that the operators of the rapidly growing crypto company known as Clé du Succès, meaning “key to success,” disappeared overnight, taking their investments with them.
The Journal de Bangui reported that Bryan Ndikum, a Cameroonian national, was apprehended in Berberati, and it is believed that he and his associates operated Clé du Succès from the CAR capital, Bangui. Ndikum had reportedly been sent to Berberati to establish a regional office for the company. However, it is suspected that his associates, described as Nigerians and Cameroonians, have already fled the country.
Law enforcement officials revealed that Ndikum and his team launched an aggressive advertising campaign, focusing on cryptocurrencies. While Ndikum has not yet been officially charged, he is expected to face charges related to fraud and breach of trust.
The alleged fraudsters used Bitcoin (BTC) logos in their marketing materials and promised potential investors a 20% return on their investments. However, following fake reports of an armed attack 17 kilometers outside the capital, Clé du Succès executives vanished without a trace, reportedly absconding with over $1.6 million in crypto and fiat currency.
Even employees at the company remain in the dark about the executives’ whereabouts. The company’s office has remained closed for over a week, leaving both its staff and customers in a state of uncertainty.
Crypto has been a significant topic of interest in the Central African Republic for some time, with adoption on the rise not only in the country but also in the greater Sub-Saharan Africa region. Last year, the CAR government made headlines by announcing the adoption of Bitcoin and other cryptocurrencies as legal tender, a move that echoed a similar decision by the pro-Bitcoin government of El Salvador.
However, this celebration in the crypto community was short-lived, as less than a year later, the CAR National Assembly repealed the decree.