cytonn

Cytonn Investment Group is under siege on Thursday Morning after raging investors took to social media to lay bare how the venture had duped them.

One investor, Lynn on Twitter told of how together with her friends, Cytonn had refused to pay out money they invested when the maturity date came knocking. “Our money matured & was to be paid out to us in FEB 2020! Yet they have refused to release our money using COVID-19 as an excuse to date!” She wrote perplexed that money that was supposed to be paid out in February 2020 (before the pandemic even hit) had not been paid.

According to the investors, Cytonn said they have to re-invest the money for another year and payout in 2021. Halfway through 2021 and not a cent sent.

“Cytonn has written to us indicating our funds are not available. What I don’t understand is how our money forms part of the COVID-19 period yet it was to be invested in 2019 and paid out to us in Feb 2020.” A devastated Lynn wrote.

Sparking a conversation on Twitter, now dubbed the golden Ponzi Scheme, a Twitter user alleged that while promising investments on their money, the company was instead paying old investors with new investors money as opposed to return on their investments.

While some Kenyans call out the Investment Venture, some have called for the investors to keep calm and not panic.

In the recent past, the Capital Markets Authority (CMA) of Kenya had warned investors against engaging with unlicensed firms offering fund management and investment advisory services trading following inquiries received by the Authority regarding the licensing status of the Cytonn Investment Group.

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Nigel Jr.
As a tech enthusiast and expert, Nigel Jr. is dedicated to providing in-depth and insightful content on all things technology. With a background in online journalism, product reviewing, and tech creation, Nigel has become a trusted source for all things tech.

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