A Kenyan regulator, the Capital Markets Authority (CMA), has warned investors and Kenyan citizens not to invest with Fxbitinvest, a bitcoin trading company. The warning came after regulators found Fxbitinvest was using exaggerated promises of returns to attract unsuspecting Kenyans.
According to a CMA opinion Issued August 12, Fxbitinvest offers prospective investors a 400% return on investment (ROI) in six hours. In addition, the regulator also identifies the “payment slip numbers” that are used by individuals behind Fxbitinvest to raise funds from Kenyans.
The CMA names persons who are associated with the company either in their capacity as employees or as owners. The identified people and their social media addresses are Hassan Juma and Godfrey Koome, both of whom are based in Kenya. The third person, allegedly based in North America, has only been identified as an anonymous director.
Damaged investors are urged to engage the police
In addition to advising Kenyans against depositing funds with the Bitcoin trading firm, the CMA also says that investors defrauded by Fxbitinvest should contact the Kenyan police. The CMA statement stated:
Any investor who has been defrauded as a result of an investment in the company is asked to report to the nearest police station with their ID card, payment slip or Mpesa statement, a concluded contract and other documents proving the claim.
Alternatively, aggrieved investors can submit a direct complaint via the online complaint portal or by visiting the offices of the CMA.
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