This archive report was first published on 3 October 2019.
Published on October 3, 2019, the Capital Markets Authority (CMA) had warned the public against dealing with Interweb Global Fortune Limited, citing that the company operates like a Ponzi scheme and lacks valid licenses.
Mr. Manases Kuria Karanja, the director of Inter-web Global Fortune Limited, was arraigned in a Nairobi court on charges of operating an online forex brokerage firm without a valid license from the 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, promising investors unrealistically high returns and encouraging them to recruit others for a commission.
Investors were promised unusually high returns and were even encouraged to recruit other people for a commission, a classic trait of a Ponzi scheme.
Following preliminary investigations, the CMA froze the company's bank accounts and has been keen to weed out criminals who swindle Kenyans through dubious investment schemes.
Mr. Manases was released on a one million shillings cash bail, with the hearing of the case set for November 20, 2019.
