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NEWS & CURRENT AFFAIRS

The Nairobian

CMA warns investors over online forex dealer

News

By Moses Omusolo | Sep 28, 2019

Capital Markets Authority (CMA) has warned the public against Online Forex Trading through Interweb Global Fortune and its director Manasseh Kuria Karanja.

CMA revealed that Interweb Global Fortune has been purporting to carry on business as an Online Forex Trading Broker and Money Manager without a valid licence.

"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," CMA Chief Executive, Mr Paul Muthaura observed.

CMA in collaboration with other law enforcement agencies has frozen the company's bank accounts.

"The authority has never received any application for licence to operate as an online forex broker or money manager from the Interweb Global Fortune or its directors," Mr Muthaura added.