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The company says the bond has raised Sh2.096 billion against a target of Sh1.438 billion representing a subscription rate of 146 percent/ COURTESY

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Kenyans warned against re-emergence of fraudulent and unlicensed financial schemes

NAIROBI, Kenya, Aug 25 – The Ministry of Industrialization and Enterprise Development alongside five financial regulatory agencies have warned the public of the re-emergence of fraudulent and unlicensed financial schemes seeking to take advantage of Kenyans during the current coronavirus pandemic.  

In a statement, the watchdogs say some fraudulent entities styling themselves as online global networking companies are seeking to recruit Kenyans to join and make cash deposits purportedly by buying shares in companies.

Other unlicensed entities have been posing as online foreign exchange brokers and traders, who have been promising unsuspecting Kenyans of huge returns.

The regulators have cautioned that appropriate action will be taken against the unscrupulous entities involved in the provision of fraudulent or unlawful financial services and unlicensed forex dealers.

“Members of the public should, therefore, report individuals and entities offering unlicensed or fraudulent financial services and unlicensed forex dealers to any of the financial regulators,” the statement says.

The ministry issued the statement alongside Central Bank of Kenya, Capital Markets Authority, Insurance Regulatory Authority, Retirement Benefits Authority, and Sacco Societies Regulatory Authority.

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