CMA flags 15 entities accused of investment fraud

In a statement, the regulator warned Kenyans against dealing with the entities, saying they were disguising fraudulent activities as legitimate investment opportunities.

The entities include the Global Investment Group (GIG), QVSE, Kore Exchange, Abacus Wealth Management, Brown Advisory Group, B Invest, Bitblock Capital Limited, Maliwave Investments and Monetrix Capital Investments.

Others are Twenty-four Hours Pro expert Trader, Wealth Sharing Group (Opticoin), CBEX, Just Markets, Ultima Cryptocurrency and Lukman-trust fund.

The CMA said the entities are the subject of active investigations by the Directorate of Criminal Investigations (DCI), in collaboration with the Authority and other law enforcement agencies.

The regulator urged members of the public and anyone affected by the activities of the named entities to cooperate with investigators by reporting the matter to their nearest DCI offices.

"The Authority strongly cautions the public against dealing with entities and persons disguising their fraudulent activities as investment opportunities," the statement read in part. 

The latest warning comes amid continued concerns over unlicensed investment schemes and fraudulent activities targeting members of the public seeking opportunities to grow their money. 

The CMA has previously cautioned the public against investing funds into unregulated products or dealing with firms that have not received the necessary approvals.

The regulator advises investors to verify the licensing status of investment firms before committing their money.

The CMA also maintains information on licensed and approved market intermediaries to help members of the public distinguish regulated investment providers from unauthorised operators.

The Authority also houses the Capital Markets Fraud Investigations Unit (CMFIU), a Kenya Police unit based at the CMA offices, to investigate securities-related fraud. The unit works with the Authority and other agencies to detect and investigate suspected financial crimes within the capital markets.

The CMA's enforcement framework allows it to investigate suspected violations of securities laws and take regulatory action, including sanctions against entities and individuals that breach the capital markets regulatory framework. Criminal matters can also be pursued through the relevant investigative and prosecution agencies.