Two suspects have been charged at the Milimani Law Courts over allegations of operating an unlicensed investment scheme that had been flagged by the Capital Markets Authority (CMA) for fraudulently soliciting money from Kenyans.

🇰🇪 Breaking It Down

According to CMA, the two suspects appeared in court on Wednesday, September 23, after their arrest a day earlier.

The development follows a joint operation involving the authority, the Directorate of Criminal Investigations (DCI) and the Office of the Director of Public Prosecutions (ODPP).

“The Authority, in conjunction with the DCI and the ODPP, today presented two suspects before the Milimani Law Courts for plea taking. The two are charged with operating fraudulent investment schemes,” CMA stated.

📌 What You Need to Know

The two women are accused of operating a collective investment scheme without the required CMA licence between January 1 and September 17 of this year.

The charge sheet did not indicate the amount of money allegedly lost by investors, while the two denied the charges and were each released on a Ksh200,000 bond.

Their court appearance comes shortly after CMA warned the public about 15 investment platforms it said were operating without the necessary licences or approvals.

The regulator had identified the investment operation linked to the suspects among entities it said were subject to investigations over unlawful activities.

The CMA’s warning covered platforms associated with various financial products and services, including cryptocurrency, forex and money market funds.

The regulator has urged members of the public to verify the licensing status of investment providers before committing their money and provides an online portal for checking approved market intermediaries .

📰 Source: Kenyans.co.ke