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.
Today's criminals don't brandish guns with silencers thy r armed with a sleek car posh office top of the range iphone Mario barutti suits grandiose investment plans with attractive returns.the only regrettable thing you do is listen to them rest is history remember green houses?
— universal citizen (@mureithikiarie) June 17, 2021
@njorogep kindly help me recover my funds at Cytonn investments. I'm suffering. Kindly. pic.twitter.com/A8rW9e6htM
— Caroline Wanjiku (@Caroline2772014) June 10, 2021
Its 2021 and people are shocked by Cytonn?….Just a simple background check of how the founders exited Britam would tell you what that company really is…putting your money in there is like buying community land in Kajiado
— Ohta Ryota (@Ohta_Ryota) June 17, 2021
What sort of investment model was that from Cytonn though? If you want your money back you had to ask for 12 months earlier. As in?
— BOYOT 👴 (@Kevlan_) June 17, 2021
Cytonn promises very high yields for a real estate investor where even liquidity is often a challenge, huko siwezi karibia
— Wachira. (@Thee_mavERIC) June 17, 2021
People will still invest in Cytonn just like how they will still use Bolt. Because such people always imagine that they are the exception and not the rule.
— Muthoni Maingi (@NonieMG) June 17, 2021
While some Kenyans call out the Investment Venture, some have called for the investors to keep calm and not panic.
I think Cytonn investors need to cut the company some slack and save us the drama. COVID effects have hit virtually every sector. We are all struggling. No need to defame the company and throw tantrums trying to make an already bad situation worse. pic.twitter.com/nywCrI1AT2
— Cyprian, Is Nyakundi (@CisNyakundi) June 17, 2021
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.
