Kenya is a beehive of fraudulent organisations that promise quick riches to the populace but end up running away with their money.
One thing that is curious, is the fact that, such scams are often carried out just before or in the elections year.
Perhaps the pain of Bitstream Circle (Kenyans lost Sh1 billion) is still fresh in the minds of Kenya. But the pyramid and ponzi schemes have been here with us for longer.
In early 2000s a Ponzi scheme named Deci scammed Kenyans off Sh34 billion. When investigations started, some big names were mentioned to have been involved.
Though, the association of former first lady Lucy Kibaki to the Deci Pyramid scheme was not clear, some other high ranking government officials such as ministers were even called out in a task force chaired by the late former Kitui West MP Francis Nyenze.
However, their was a strong link to the Top echelons in the Mwai Kibaki administration.
These days, Kenyan politicians appear smarter, they run these schemes that defraud Kenyans through a heavy layer of proxies.
Below is an exposé on an ongoing scam
Hi Cyprian,
Help me alert Kenyan’s & Africa as that is their target market. This company that is trying to prove they are not a scam. They started off in 2020 under the name “Top Earners Market”. They were asking for a minimum capital investment of usd1000 (approx Sh112,000) that was to be deposited in Bitcoin for returns of 23% monthly. They had 3 different packages. I’ll share screenshots.
All was well until August 21. In August 2021 they reduced the percentages for each package and asked guys to invest more in the old packages & lock your money with them for a year.
There was a massive uptake of new members from all over the world, not just Africa. Since then they have never paid anyone the ROI, they started off saying they are having an audit for 3 weeks. After that it became they are launching a new system which would automate the whole “business”.
Meanwhile they were holding weekly zoom webinars selling the business, to lure in more people even when they were not paying the old members.
They brought on board a Nigerian (called himself FxCharles) who was made to look like a expert Forex trader but it turned out he was being paid to talk big about crypto currency/Forex trading.
On 17th December 2021, they finally launched the new platform/system under the name Africa Consolidated Exchange(ACEX). The launch was televised nationally on Citizen TV among other broadcasters around Africa.
The so called president Ian Mvula had promised that people will have a wonderful Xmas. That came & passed without anyone receiving a penny as promised.
Meanwhile Ian & his team spent the better half of 2021 globe trotting Africa, wooing more desperate Africans to join. He travelled with 2 Kenyans, a Jane Kamau & a guy who calls himself Barry Blackman(Barry Wamanga from his M-PESA name). The 3 were the initial faces before they brought on board more people to show they are a legit company.
As it is right now, 8 months down nobody has ever been paid. But they still come back to tell guys that they’ll be paid using a term “rain effect”. Ian says it’ll start with a drizzle, then a downpour then a storm.
This was the initial website topearnesmarket.com. Now they are operating under acex.market which has been under maintenance for over 2 weeks yet the launch in Dec was to signify the platform was ready for use. – client
He went ahead and changed terms that people will be paid dividends from what was on the terms previously of the percentage earnings.
Yesterday he held a webinar to update guys on the ongoing of the company but it was all threats & calling people foolish.
We were warned that anyone found slandering the name of the company will be legally sued & their money lost.
Cnyakundi.com: this has all the hallmarks of a scam.
Their contacts
Ian Mvula : + 254 743 888 426
Jane : + 254729 740 838 / + 254 780 272 709 / + 254 769 744 710
Barack Blackman : + 254 722 340 443 / + 254 732 000 300
Wilfred : + 254 712 059 767
Joyce Nganga +254 723 789 597
I had invested USD 1500, but there are others who had put in even usd100k. Kuibiwa tumeibiwa, but use this to alert more people to keep off these online trading companies – another client.
