Manasseh Kuria Karanja, Interweb Global Fortunes CEO, has been charged with operating an online forex broker without a license contrary to the Capital Markets Authority (CMA) and Central Bank of Kenya (CBK) regulations.
The Milimani Court heard that Mr. Kuria carried out the illegal business between January 1, 2018, and August 31, 2019.
CMA had on September 26, 2019, warned the public against dealing with Internet Global Fortunes. CMA said the Internet Fortunes was unlawfully collecting funds from investors and that the business model features were similar to that of a Ponzi/pyramid scheme.
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