A Kenyan man has disappeared with money running into billions of shillings from individuals of the Somali descent.
According to a Somalia-based publication, Hiiran Online, the Kenyan only identified as Abdalla created what was believed to be a forex-trading company.
The company has been identified as Maalin.
Reports indicate that he stole money from 20 Somalia MPs, senior Somalia government officials and members of the Somali community in the diaspora.
Through the lawmakers, Abdalla made at least Sh6 billion.
It is said that Abdalla operated 3 accounts while his employees cobtrolled 10 others.
Maalin had registered 600 members mostly from Dubai, Saudi Arabia, US, Kenya and Somalia. To join, interested parties were required to deposit at least Sh2 million.
But most of those conned by Abdalla who was last seen at the Jomo Kenyatta International Airport (JKIA) two weeks ago, injected between Sh50 million to Sh800 million into the ponzi scheme
Senior counsel Ahmednasir Abdullahi on Sunday tweeted about the issue saying that the forex-trading company was in fact an online forex trading company registered in Russia and owned by Russians.
“A HUGE PONZI scheme that was POPULAR with the Somali community in Kenya, Somalia & the Somali diaspora has gone UNDER last week in NAIROBI…losses are conservatively estimated at btw American $ 65 to 80 million…” he said.
Adding, “Interesting development. The ponzi scheme was actually an on-line forex trading company registered in Russia and owned by Russians. According to my sources the Somali frontman was a commission agent…”
Interesting development. The ponzi scheme was actually an on-line forex trading company registered in Russia and owned by Russians. According to my sources the Somali frontman was a commission agent…
— Ahmednasir Abdullahi SC (@ahmednasirlaw) March 16, 2020
The scheme has allegedly been operating for eight years now.
It was apparently based in Nairobi’s Eastleigh area, reports indicate.
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