This archive report was first published on 26 September 2019.
Published on September 26, 2019, the Capital Markets Authority (CMA) has warned the public against dealing with Interweb Global Fortune Limited following the discovery of suspect trades.
The regulator has also flagged the firm's director, Manasseh Kuria, and frozen the company's bank accounts after preliminary investigations with the Directorate of Criminal Investigations (DCI).
According to the CMA, Interweb Global Fortune has been collecting funds from investors without the necessary licensing, and its business model features traits of a pyramid or Ponzi scheme.
"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 realistic. Investors have also been encouraged to recruit other people for a commission," noted CMA's Chief Executive Officer Paul Muthaura.
The online FX dealer has been implicated for misleading investors into believing they hold a valid approval from the markets regulator.
The flagging of Interweb Global Fortune comes in the wake of elevated alertness by regulators on the proliferation of unlicensed online foreign exchange dealers.
