Scam Fraud Victims Protests in Court

Forex scam fraud victims formed a group and stirred attention at the Milimani Law Courts in Kenya. The buzz was over the delayed trial of Manases Karanja, a businessman who is facing charges against obtaining money by false pretences.

Karanja is also facing charges against running an illegal online forex operation wherein he took money from the said victims.

Court officers and policemen responded to the situation at the courthouse as the complainants started stirring trouble. The authorities were forced to contain the complaints and eventually evict them from the court premises.

The scam fraud victims chanted and cried out for refunds for their investments.

Karanja will face eight (8) counts of illegal business as an online broker without an official license. The Kenyan businessman operated an online forex brokerage with proper licensing from the central bank or Capital Market Authority.

Karanja has since heavily denied all allegations against him and is out due to Sh. 1 million cash bail.

The case hearing didn’t go as scheduled last week. Additionally, Chief Magistrate Martha Mutuku said that the matter will proceed later this month on February 24, 2020.

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How Big is The Forex Scene in Kenya?

The country’s foreign exchange market is very vast, and it’s still growing due to online brokerages.

Many ordinary Kenyans are attracted to the foreign exchange business. Most are said to be most likely attracted to other currencies such as the Chinese yuan and Japanese yen.

Moreover, with more and more online platforms popping, the country has raised its efforts to manage and a crackdown on scam frauds. According to a local paper, there are at least over 1,000 businesses operating and offering forex trading.

With that, authorities are having trouble tracking down the fakes and distinguishing them from the real ones. And the rising interest of the people in the industry is making it even more difficult.

Fortunately, there are tons of regulated and legitimate sites, not only in Kenya but across the globe. Here at Finance Brokerage, we have tested and reviewed various trading sites. All you need to do is sit back, read more about them, and choose carefully.

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