Ponzi plans cost Kenyans Sh1 billion, CMA reveals

Capital Markets Authority (CMA) CEO Wyckliffe Shamiah at a past event. FILE PHOTO | LUCY WANJIRU | NMG

Kenyans have lost Sh1 billion buying into unregulated investment products marketed by entities promising high returns.

The Capital Markets Authority (CMA) Thursday told Parliament that about 500 investors have complained of loss of funds through online forex frauds, illegally pooled funds, cryptocurrency, real estate and ponzi schemes, ordered refunds and instituted criminal charges.

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