News

Kenyans Cautioned Against Investing in BTC Company Promising Returns of 400% in Six Hours

A Kenyan regulator, the Capital Markets Authority (CMA), has cautioned investors and Kenyan citizens against investing with Fxbitinvest, a bitcoin trading company. The warning was issued after the regulator noted Fxbitinvest’s use of exaggerated return-on-investment promises to lure unsuspecting Kenyans.

Unrealistic Promises

According to a CMA statement issued on August 12, Fxbitinvest is offering prospective investors a return on investment (ROI) of 400% within a space of six hours. In addition, the regulator also identifies the “paybill numbers” that are being used by individuals behind Fxbitinvest to collect funds from Kenyans.

The CMA names persons associated with the company either in their capacity as employees or as owners. The identified individuals and their social media handles are Hassan Juma and Godfrey Koome who are both based in Kenya. The third individual, who is supposedly based in North America, has only been identified as an anonymous director.

Aggrieved Investors Urged to Engage Police

In addition to advising Kenyans against depositing funds with the bitcoin trading company, the CMA said investors defrauded by Fxbitinvest should contact the Kenyan police. The CMA statement explained:

Any investor who has been defrauded because of investing with the company is encouraged to report to the nearest police station with their national identity card, deposit slip or Mpesa statement, any contract that was entered into and other documents to support the claim.

Alternatively, the regulator said aggrieved investors can lodge a direct complaint via the online complaints portal or by visiting the CMA’s offices.

What are your thoughts on this story? Share your views in the comments section below.

Tags in this story
Bitcoin Fraud, Bitcoin investment, Bitcoin Scam, Capital Markets Authority, Fxbitinvest, Kenya police, Law Enforcement, Mpesa

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments