A Nairobi court has barred a man accused of illegally running a Forex business from accessing funds or making transactions to his bank accounts.
Manases Karanja was on October 2 charged with carrying out business as an online broker without a licence.
He is said to have committed the offence between January 2018 and August 2019 at View Park Towers. He was a director of Inter-Web Global Fortune Limited.
Karanja is alleged to have been running an online business in which he invited members of the public to invest by depositing the funds with him in return for a monthly return of 20 per cent of the amount invested.
He was also to give a full refund of the initial deposit upon termination of the relations.
“The applicants having no doubt on the legality of the business in question, they invested in the business on diverse dates with funds totalling to Sh2,910,000,” court papers read.
Karanja is said to have paid the 20 per cent to the applicants for a while without fail. He, however, failed to make the August monthly remittance and on inquiry, applicants learnt that he had been charged with illegally operating the business by the Capital Markets Authority.
His bank accounts were frozen by the Central Bank of Kenya.
More than three months down the line, the authorities are yet to inform the applicants whether or not they will recover their money.
