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CMA cautions investors against dealing with Interweb Global Fortune

By Standard Reporter | September 27th 2019 at 09:07:45 GMT +0300

Outgoing CMA Chief Executive Officer Paul Muthaura

The Capital Markets Authority has cautioned public against participating in Online Forex Trading through Interweb Global Fortune and its director Manasseh Kuria Karanja.

Preliminary investigations conducted by the Authority have revealed that Interweb Global Fortune has been purporting to carry on business as an Online Forex Trading Broker and Money Manager without a valid license.

“In addition to unlawfully collecting funds from investors, Interweb Global Fortune’s business model features traits of a pyramid or ponzi scheme, where investors are promised high returns or dividends which are not realistically available through credible investment products. Investors have also been encouraged to recruit other people for a commission’, CMA Chief Executive Paul Muthaura observed.

The Authority’s Capital Markets Fraud Investigation Unit in collaboration with the Directorate of Criminal Investigation conducted an operation against unlicensed and unregulated Online Forex Trading entities in the country.

Consequently, the Authority in collaboration with other law enforcement agencies has frozen the company’s bank accounts pending further inquiries.

“The investigation further revealed that Interweb Global Fortune has misled investors by claiming that it has applied for a license from the Authority. `Contrary to the entity’s claim, the Authority has never received any application for license to operate as an online forex broker or money manager from the Interweb Global Fortune or its directors,” Muthaura added.

CMA urged members of the public who have been affected or are aware of such illegal online foreign exchange to report to the Authority’s Capital Markets Fraud Investigation Unit.

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