Investigators attached to Capital Market Authority (CMA) are investigating a Ksh2.7B Nurucoin Isaac Muthui fraud case that defrauded 11,000 investors.
According to the Standard, the regulator accuses Nurucoin director Isaac Muthui of irregularly collecting funds from investors under the guise of investment in a virtual currency scheme dubbed Nurucoin.
ALSO READ; Behold, Blockchains & the new era in coins; The Nurucoin
However, early in 2019 Nurucoin started vacating the regional offices after collecting money from unsuspecting investors.
Furthermore, there has been closure of the Nurucoin head offices in Garden Estate Nairobi for months after sacking all employees.
Police are investigating Muthui, listed at the companies’ registry as a director, besides his wife Frida Rhoda and Steven Githui Mbugua.
Related
Kenya’s Markets Regulator Issues Public Warning Against ICOs
A closer look at Nurucoin ICO & the many red flags
