The Capital Markets Authority (CMA) has cautioned investors and the public against engaging in any investment with Fxbitinvest, a company that has been luring the public to invest their funds in an elaborate scam while promising a return of up to 400% within 6 hours.
Fxbitinvest Scam model
The platform which claims to be “Trusted by traders from 170+ countries” promises massive returns to users by “auto-trading” Bitcoin for them
“After initiating an investment; the company’s system assigns you a preferred meta-trader that will trade for you without accessing your account. He/she earns 20pc of all the total profits he generated from each trade and user,” says the company.
According to the Authority, Fxbitinvest is collecting funds from unsuspecting investors through the following M-Pesa Paybill Numbers:
- 5578405 (Mpesa Paybill Name: CYPTO FX INVESTMENT)
- 7546659 (Mpesa Paybill Name: FXBITINVEST)
A bank account at Prime Bank under the number 3000068834 may be associated with the
company
CMA has identified persons associated with the company either in the capacity of
employees or owners. They are:
- Hassan Juma (Instagram username: Hassan_hfx).
- Geoffrey Koome (Facebook username: Geoffrey Koome Bitcoin, Instagram account
username: Riungu Geoffrey). - An anonymous director (domiciled in North America)
“We caution the public not to invest with the company or its directors and not to deposit
funds into the Mpesa Paybill Numbers or Bank Account highlighted above. Any investor who
has been defrauded because of investing with the company is encouraged to report to the
nearest Police Station with a national identity card, bank deposit slip or Mpesa statement, any
contract that was entered into and other documents to support the claim.” The statement from CMA partially reads.
