CMA Exposes 15 Investment Firms Linked to Allegedly Scamming Kenyans [FULL LIST]

The Capital Markets Authority (CMA) has cautioned Kenyans against 15 entities it says are purporting to offer investment services without the required licensing or approval.

In a notice dated September 11, the regulator warned members of the public against dealing with the entities, which it said are unlawfully and fraudulently soliciting funds from the public.

“The Capital Markets Authority (the Authority) wishes to caution the public against several entities purporting to offer investment services in Kenya without the requisite licensing or approval,” read part of the notice.

DCI Leads Investigations Into 15 Entities

According to the CMA, the 15 entities are the subject of active investigations being conducted by the Directorate of Criminal Investigations (DCI) in collaboration with the Authority and other law enforcement agencies.

Also Read: CMA Approves New Investment Products And Licences Targeting Kenyan and Global Markets

The regulator said the ongoing investigations are aimed at addressing activities in which members of the public may have been solicited to provide funds by individuals pretending to be legitimate investment companies.

“These entities are the subject of active investigations by the Directorate of Criminal Investigation in collaboration with the Capital Markets Authority and other law enforcement agencies,” CMA stated.

It also urged Kenyans to exercise caution before handing over money to investment platforms or individuals claiming to provide investment services.

Furthermore, CMA also called on members of the public and anyone affected by the activities of the named entities to cooperate with the ongoing investigations.

Affected persons have been encouraged to report the matter to their nearest Directorate of Criminal Investigations (DCI) office to assist investigators in the ongoing efforts to address the alleged fraudulent investment activities.

“The public and affected persons are encouraged to cooperate in the ongoing investigations by reporting to their nearest local Directorate of Criminal Investigations (DCI) offices.”

CMA Names 15 Entities

The entities named by the CMA are:

• Global Investment Group (GIG)
• QVSE
• Kore Exchange
• Abacus Wealth Management

Also Read: CMA Approves Kenya’s First Local Exchange-Traded Fund for NSE Listing

• Brown Advisory Group
• B Invest
• Bitblock Capital Limited
• Maliwave Investments
• Monetrix Capital Investments
• Twenty-four Hours Pro expert Trader
• Wealth Sharing Group (Opticoin)
• CBEX
• Just Markets
• Ultima Cryptocurrency
• Lukman Trust Fund

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Photo of CMA CEO Wycliffe Shamiah speaking at a past function. PHOTO/CMA