KIAMBU COUNTY MAN CON’S THOUSANDS OF ONLINE FOREX TRADERS MILLIONS OF KENYA SHILLINGS

KIAMBU COUNTY MAN CON’S THOUSANDS OF ONLINE FOREX TRADERS MILLIONS OF KENYA SHILLINGS

By Chris Ojow

Through an application filed before Nairobi’s Chief Magistrate Francis Andayi at Milimani Law Court, seeking for a refund of their hard earned sweat.

The Chief Magistrate in a lengthy ruling dismissed the application seeking court orders to compel the controversial businessman Manases Kuria Karanja to refund huge amount of money to his innocent investors.

On grounds that the accused Manases Kuria Karanja despite orally informing the Court through his lawyers that his Company accounts were frozen, failed to produce materials before the trial Court as prove, that his accounts were indeed frozen by the Central Bank of Kenya (CBK).

Whereby the lower criminal trial court repeatedly advised and further informed thousands of applicants that, the trial court had no powers to order the accused to pay back his investors their savings.

The controversial online Forex businessman Manases Kuria alleged before court that he’s unable to access his several bank accounts since they were frozen, a claim the accused failed to file documentations as prove.

Manases was arrested on 01st October 2019 without warrant of arrest and arraigned before Court on the next day of 02nd to plead to one count of carrying out business as an online Forex broker, without a valid licence from Capital Markets Authority, the Independent legal institution mandated to authorise online Forex business.

The accused is alleged to have breached section 23 (1) as read with 34 A (1) of the Capital Markets Act Cap 485 A, by illegally misadvising his wannabe innocent Kenyans online Forex investors.

Manases pleaded not guilty to one count and was freed on a hash bond, bail conditions pending trial, with the State Prosecution lining up four witnesses to testify against the accused.

It is alleged that on 01st January 2018 and 31st August 2019 at View Park Towers Nairobi County Kenya, being the Director of Inter Web Global Fortune Limited, intentionally and unlawfully carried the business as online Forex broker without a valid licence issued by Capital Markets Authority and the Central Bank of Kenya (CBK).