Kenyans Warned to Avoid Investing in Ponzi-Like Schemes
Kenyans have been warned against investing their hard-earned money in Ponzi-like investment schemes.
The Central Bank of Kenya together with the Sacco Societies Regulatory Authority (SASRA) say investors in lured into such unlicensed schemes with promises of huge and quick returns end up losing their investments.
The two bodies say such schemes are on the increase, and urged investors to stay away from them, and instead direct their investments to licensed deposit-taking institutions.
“The Central Bank of Kenya (CBK) and the Sacco Societies Regulatory Authority (Sasra) wish to draw the attention of members of the public to the re-emergence of unlicensed deposit taking entities and Ponzi/pyramid schemes. Such entities entice members of the public to place money with them and promise quick and abnormally high returns on their money or acquisition of non-existent properties,” said the Central Bank and SASRA in a joint statement.