Capital Market Authority (CMA) has cautioned the public against participating in online forex trading through Interweb Global Fortune.
CMA’s Fraud Investigation Unit and Directorate of Criminal Investigation (DCI) operation on unlicensed and unregulated online forex traders has prompted the freezing of Interweb Global Fortunes bank accounts.
The move is meant to enhance investor protection and the fair treatment of customers in line with CMA regulations.
See Also: CBK issues an alert on unlicensed forex dealers
CMA says that Interweb Global Fortunes operates without a valid license to offer services as an Online Forex Trading Broker and Money Manager.
Ponzi scheme
CMA says that the firm has the traits of a Ponzi scheme as it promises investors unsustainable and unrealistic investment returns of 20 percent.
Furthermore, Interweb Global Fortunes requires investors to recruit other people for a commission. Besides, you lock in the money for at least three months or a year.
Interweb Global Fortunes is misleading investors by claiming it has applied for a license from CMA.
Legally approved
Cyprus based online currency trader SCFM Limited and EGM Securities are the only CMA approved forex traders in the country.
Interweb Global Fortunes has never sent an application for a license to operate as an online forex broker or money manager from CMA.
Therefore, CMA is warning members of the public are advised to avoid dealing with unlicensed and unregulated financial entities as they risk being defrauded or losing their money.
Related:
CMA licenses 2nd non-dealing online forex trading broker
