Key Takeaways
- • Kenya's Directorate of Criminal Investigations (DCI) arrested a suspect linked to an alleged Ksh4.95 million Forex and cryptocurrency investment fraud, with the arrest following a court-issued warrant after the case file was reviewed by the Office of the Director of Public Prosecutions (ODPP).
- • The complainant transferred Ksh4.95 million to the suspect in multiple transactions between April 30 and July 2, 2025, based on promises that the funds would be invested in Forex and crypto trading.
- • The suspect faces expected charges including cheating, operating a collective investment scheme without regulatory approval, fraudulently inducing trading in securities, and acquisition and use of proceeds of crime.
- • The DCI, in a statement on Tuesday, October 27, urged Kenyans to verify the legitimacy of Forex and crypto investment firms and individuals before committing funds.
- • The warning builds on a September 28 DCI advisory naming Forex trading, crypto, arbitrage games, sure-bet betting, glowing wallets and Telegram trading signals as active fraud schemes in Kenya.
Summary
The Directorate of Criminal Investigations (DCI) has warned Kenyans against fraudulent Forex and cryptocurrency investment schemes following the arrest of a suspect linked to an alleged Ksh4.95 million fraud, according to the agency's statement on Tuesday, October 27. Detectives from the DCI's Nairobi Regional Headquarters arrested the suspect over allegations that he defrauded a man who invested millions of shillings in Forex and crypto trading.
According to the DCI, the complainant transferred Ksh4.95 million to the suspect through several transactions between April 30 and July 2, 2025, after being promised the money would be invested in the two trading ventures. Following an investigation, detectives forwarded the case file to the Office of the Director of Public Prosecutions (ODPP) for review, after which a court issued a warrant for the suspect's arrest.
The suspect is in police custody awaiting arraignment at the Milimani Law Courts. He is expected to face charges including cheating and operating a collective investment scheme without regulatory approval, as well as fraudulently inducing trading in securities and the acquisition and use of proceeds of crime. The DCI cautioned that promises of lucrative returns should always be approached with caution.
The agency urged the public to verify the legitimacy of investment companies and individuals offering Forex and cryptocurrency opportunities before committing money. The announcement follows a September 28 DCI advisory that flagged a growing number of online fraudsters using social media to lure Kenyans into schemes including Forex trading, cryptocurrency, arbitrage games, sure-bet betting, glowing wallets and Telegram trading signals. The agency noted that fraudsters often display stacks of cash, luxury vehicles, expensive drinks and international trips online to attract victims.
According to the DCI, the complainant transferred Ksh4.95 million to the suspect through several transactions between April 30 and July 2, 2025, after being promised the money would be invested in the two trading ventures. Following an investigation, detectives forwarded the case file to the Office of the Director of Public Prosecutions (ODPP) for review, after which a court issued a warrant for the suspect's arrest.
The suspect is in police custody awaiting arraignment at the Milimani Law Courts. He is expected to face charges including cheating and operating a collective investment scheme without regulatory approval, as well as fraudulently inducing trading in securities and the acquisition and use of proceeds of crime. The DCI cautioned that promises of lucrative returns should always be approached with caution.
The agency urged the public to verify the legitimacy of investment companies and individuals offering Forex and cryptocurrency opportunities before committing money. The announcement follows a September 28 DCI advisory that flagged a growing number of online fraudsters using social media to lure Kenyans into schemes including Forex trading, cryptocurrency, arbitrage games, sure-bet betting, glowing wallets and Telegram trading signals. The agency noted that fraudsters often display stacks of cash, luxury vehicles, expensive drinks and international trips online to attract victims.
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