This archive report was first published on 9 January 2020.
On January 9, 2020, the Capital Market Authority (CMA) began investigating a Ksh2.7B Nurucoin scam that had defrauded 11,000 investors.
The regulator accused Nurucoin director Isaac Muthui of irregularly collecting funds from investors under the guise of investing in a virtual currency scheme dubbed Nurucoin.
According to the Standard, Muthui's scheme involved collecting money from unsuspecting investors, with Nurucoin vacating its regional offices in early 2019.
The Nurucoin head offices in Garden Estate, Nairobi, were closed for months after Muthui sacked all employees.
Police are investigating Muthui, his wife Frida Rhoda, and Steven Githui Mbugua, who are listed as directors of the company.
