• About Us
  • Archives
  • SWG Registration
Samrack Media
Mahiga Homes
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events
No Result
View All Result
Samrack Media
No Result
View All Result

Kenyan Man Who Ran Pyramid Scheme Disappears with Sh15 Billion Belonging to Kenyan, Foreign Investors

samrack by samrack
March 18, 2020
in Africa, Business, Diaspora, Kenya, Kenya Diaspora News, News, U.S Diaspora
A A
0
Kenyan Man Who Ran Pyramid Scheme Disappears with Sh15 Billion Belonging to Kenyan, Foreign Investors
Share this
FacebookTwitterPinterestEmailWhatsAppLinkedIn

Kenyan Man Who Ran Pyramid SchemeDisappears with Sh15 Billion Belonging toKenyan, Foreign Investors

A Kenyan man believed to be the architect of a Russian pyramid scheme operating in Kenya has reportedly fled the country with over Sh15 billion belonging to investors.

Abdalla Mohamed Ali, the CEO of Maalin Group of Companies, run a forex trading business in Nairobi and promised investors huge returns on their money before he went missing.

The man is believed to have left the country after last week his car was found dumped at the Jomo Kenyatta International Airport (JKIA), People Daily reported on Wednesday.

His vehicle was found parked at the airport three days after he was reported missing and it is alleged that a sitting Cabinet Secretary helped him flee the country.

The publication noted that powerful government officials among them a deputy Inspector General of Police, Immigration officials, two law firms, a middle east embassy in Nairobi and a senior politician from Northern Kenya were involved in the fraud scheme.

One of the investors identified as Sheikh Abdulla Kulow told People Daily that he invested Sh200 million in the trade after selling three houses in Nairobi’s South C estate.

“This is a huge blow to me and my family because this is what I have been depending on for the last years after I sold my apartments to invest in the scheme. The Government must make sure he is brought back to the country and return our money,” Kulow is quoted.

Through Twitter on Sunday, city lawyer Ahmednasir Abdullahi said the Ponzi scheme started about eight years ago.

“A huge Ponzi scheme went under last week in NAIROBI…losses are conservatively estimated at between American USD 65 to USD 80 million. The Scheme was 8 years old,” he wrote.

He added: “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 [Abdalla] was a commission agent…”

Maalin had reportedly registered at least 600 members mostly from Dubai, Saudi Arabia, the US, Kenya, and Somalia. To join, investors were required to deposit at least Sh2 million.

Somalia-based publication, Hiiran Online reported that 20 Somali MPs, senior Somalia government officials and members of the Somali community in the diaspora were among those who had invested in the company.

Previous Post

Coronavirus: London worst affected by outbreak – 621 cases, 25 deaths

Next Post

Diaspora remittances to Kenya to drop due to coronavirus

Related Posts

Diaspora

Canadian Embassy Wades into Kenyan-Canadian Nurse Lucy Njeri’s Alleged Murder Plot

January 26, 2023
US Man Involved in a $250 Million Fraud Scheme to Forfeit Properties He Acquired in Kenya
Business

US Man Involved in a $250 Million Fraud Scheme to Forfeit Properties He Acquired in Kenya

January 26, 2023
Mizizi Africa Homes diversifies into land selling with ‘Buy, We Build’ Concept
Africa

Mizizi Africa Homes diversifies into land selling with ‘Buy, We Build’ Concept

January 24, 2023
Equity Bank’s Wings to Fly Scholarship selection process commences
Business

Equity Bank’s Wings to Fly Scholarship selection process commences

January 23, 2023
Beloved Sister in Christ, Christine Ntagengwa

Transition/Death Announcement of Christine Ntagengwa of Attleboro,Massachusetts

January 23, 2023
Women of Hope: Valentines Dinner: $70 P/Person 11 Feb 2023 Guest Speaker:Rev.Dr.G.G Gitahi Time 7PM EST
Diaspora

Women of Hope: Valentines Dinner: $70 P/Person 11 Feb 2023 Guest Speaker:Rev.Dr.G.G Gitahi Time 7PM EST

January 21, 2023
Next Post
Diaspora remittances to Kenya to drop due to coronavirus

Diaspora remittances to Kenya to drop due to coronavirus

Please login to join discussion
ADVERTISEMENT
ADVERTISEMENT
Royal Gardens Ngong Royal Gardens Ngong Royal Gardens Ngong
ADVERTISEMENT
KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680 KIBS VILLA HOMES:(ABNB) Relax into Luxury: Monthly ABNB rates are negotiable Call:508-479-1517 / 254714428680
ADVERTISEMENT

Latest News

Canadian Embassy Wades into Kenyan-Canadian Nurse Lucy Njeri’s Alleged Murder Plot

US Man Involved in a $250 Million Fraud Scheme to Forfeit Properties He Acquired in Kenya

Mizizi Africa Homes diversifies into land selling with ‘Buy, We Build’ Concept

Equity Bank’s Wings to Fly Scholarship selection process commences

Transition/Death Announcement of Christine Ntagengwa of Attleboro,Massachusetts

Women of Hope: Valentines Dinner: $70 P/Person 11 Feb 2023 Guest Speaker:Rev.Dr.G.G Gitahi Time 7PM EST

The Domain, Kisumu Dala

NEW SCARY DEVELOPMENTS IN KENYA

Transition/Death Announcement of of Robert Kimani Waruingi of Baltimore MD.

Kenyans in the Diaspora Can Now Open eCitizen Account Using an Email Address

We are grateful for your monthly or one-off donations To Samrack Media: Cash App No: 781-888-8770 $SAMRACK001

Money

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency

by samrack
November 19, 2021
0

New Digital Skills Helps Unemployed Kenyan Youth Earn In Cryptocurrency This week sees the launch of a new initiative to equip...

A simple guide to Government Bonds investing in Kenya

A simple guide to Government Bonds investing in Kenya

by samrack
September 17, 2021
0

A simple guide to Government Bonds investing in Kenya A treasury bond (T-bond) is a medium term to long term...

Politics

NEW SCARY DEVELOPMENTS IN KENYA

NEW SCARY DEVELOPMENTS IN KENYA

by samrack
January 21, 2023
0

NEW SCARY DEVELOPMENTS IN KENYA Will Martha Karua's case at the East African Court of Appeal, the new Ruto's revelation...

Former President Uhuru Kenyatta shaking hands with President William Ruto at the Kasarani Stadium on September 13, 2022. Image: FILE

Ruto, Uhuru to share platform at peace event in Nairobi

by samrack
November 28, 2022
0

Ruto, Uhuru to share platform at peace event in Nairobi Burundi's Evariste Ndayishimiye and Uhuru will officiate the opening session...

  • About Us
  • Archives
  • SWG Registration

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

No Result
View All Result
  • Home
  • ALL NEWS
  • Diaspora
  • Africa
    • AFRICA
    • KENYA
  • BUSINESS
    • BUSINESS
    • INVESTMENTS
    • REAL ESTATE
    • TECHNOLOGY
  • Politics
  • Health
    • HEALTH
    • EDUCATION
  • Religion
  • People
    • PEOPLE
    • LIFESTYLE
    • RELATIONSHIPS
  • Obituaries
  • Videos
  • Events

© 2023 SAMRACK - Diaspora News & Updates; design by: Samrack.

Page generated in 1.008 seconds. Stats plugin by www.blog.ca