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2 clusters · 5 sources · 16 days · First seen 20 days ago · Last updated 4 days ago

Investment and online fraud in Kenya

Overview

Kenyan regulatory and law enforcement agencies have issued warnings regarding various fraudulent investment schemes targeting the public.

Initially, the Capital Markets Authority (CMA) identified 15 unlawful platforms offering services such as cryptocurrency, forex trading, and Money Market Funds without proper licensing. This included Ultima, described as a cryptocurrency Ponzi scheme allegedly linked to Alex Reinhardt, who has been associated with previous collapsed schemes like SwissCoin and PlatinCoin. These entities were placed under investigation by the Directorate of Criminal Investigations (DCI).

Subsequently, the DCI expanded its warnings to address online fraud methods involving forex, cryptocurrency, arbitrage, and betting. The agency noted that scammers frequently use social media to display “phantom profit” and lavish lifestyles—including luxury cars and international travel—to deceive victims. Reported tactics include phishing, identity fraud, deepfakes, and social engineering.

Entities

Directorate of Criminal Investigations · Kenya · Alex Reinhardt · Ultima · Ethics and Anti-Corruption Commission

Timeline

4 days ago

[CRIME] 3 sources
Kenya DCI warns of forex and crypto scams using social media wealth displays
Kenya's DCI has warned citizens against online scams involving forex, crypto, and arbitrage that use fake displays of luxury wealth on social media to lure victims.
20 days ago

[BUSINESS] 3 sources
Kenya Capital Markets Authority warns of 15 investment scams
Kenya’s Capital Markets Authority has warned the public against 15 fraudulent investment platforms, including the Ultima crypto scheme, which are now under investigation by law enforcement.

Sources

behindmlm.com · bitcoinke.io · kenyans.co.ke · nairobileo.co.ke · radiogeneration.co.ke