Mr. Manases Kuria Karanja, the director of Inter-web Global Fortune Limited was arraigned in a Nairobi court yesterday. Mr. Manases was charged with operating an online forex brokerage firm without a valid license from the Capital Markets Authority (CMA) and the Central Bank of Kenya (CBK).
The director ran the online forex business from his office in View Park Towers between January and August 2019. Mr Manasseh was released on a one million shillings cash bail. The hearing of the case will be on 20th November 2019.
Last week, the Capital Markets Authority warned the public against dealing with Interweb Global Fortune limited after investigations revealed that the company operates like a Ponzi scheme and it lacks valid licenses.
Investors in the forex business were promised unrealistically high returns and even encouraged to recruit other people for a commission.
CMA froze the company’s bank accounts after the conclusion of preliminary investigations.
The financial markets regulator has been keen to weed out criminals who swindle Kenyans through dubious investment schemes.
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