Another Fake Forex Trading Firm Sinks With Ksh107 Million Investors' Money -

Another Fake Forex Trading Firm Sinks With Ksh107 Million Investors’ Money

forex

Several investors are crying foul after Inter-Web Global Fortune Limited, an alleged forex trading company, went under with Ksh107 million of their money.

The investors risked their Ksh36 million, after they were promised a return of 20 per cent per month on the principal amount.

This means that in a year they would get a return of 240 percent on top of the principal amount, ridiculously above any other legal investment in the country. On top of it, the principal amount would be refunded at the end of the contract.

The firm led by Manases Kuria Karanja promised the 105 investors that the money was secure, despite the firm not being license to run a forex trade business.

Most of the investors were paid for their first month, and the firm went silent with the millions.

Read: Mansa X: Another Ponzi Scheme Trying To Fleece Kenyans?

For instance, Beatrice Kimuna who invested Ksh1.8 million on May 5, 2019 was paid Ksh449,000 for the month of June and partly July and stopped. In total, she should have made a cool Ksh5.8 million.

Another one,  Victoria Kiplagat, also put in Ksh1 million, hoping to mint a cool Ksh3.2 million. She was only paid Ksh200,000, and that was it.

Umazi Runya Malingi invested Ksh1.2 million, which would return Ksh3.2 million.

“As a result of the first defendant’s breach of respective contracts, the plaintiffs have suffered and continue to suffer financial losses and psychological torture. The director of the first defendant (second defendant) has now diverted funds into his other business in order to evade any liability, consistent with pyramid scheme aimed at defrauding innocent investors,” court papers read.

Ann Nekesa Misiko put in Ksh1.2 million but only got paid Ksh119,000.

Tom Ojienda has sued Global Fortune in the commercial court and even advertised about the case in the local dailies, but the company or its directors have not appeared in court or replied.

Ojienda asked Justice Alfred Mabeya to give the firm a month and if the situation does not change, then he can enter a judgment in default.

However, there is no much hope for the investors, since the money has been diverted and Inter-Web Global Fortune left as a shell company.

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