The Directorate of Criminal Investigations (DCI) issued a public advisory regarding a widespread online cryptocurrency scam targeting Kenyans.
The scam, advertised through text messages promising effortless wealth, has resulted in numerous individuals losing their hard-earned money.
"The DCI has noticed with concern the increase in reports of loss of hard-earned money by Kenyans to scammers. Scores are being lured to join online cryptocurrency investment platforms and end up losing their investments to the fraudsters," the DCI stated in a statement.
"We are currently investigating several such cases where investors who fell for the scam are crying foul."
The scam operates by sending unsolicited SMS messages, offering participation in online investment platforms with guaranteed high returns.
Unsuspecting individuals, enticed by the prospect of quick profits, invest their money only to discover it has disappeared and only end up with empty pockets.
The allure of effortless wealth proves to be a significant risk factor, leaving individuals vulnerable to exploitation.
"It is crucial to exercise caution before investing in any online platform, especially those offering unrealistic returns," the spokesperson emphasized.
The DCI urges all Kenyans to conduct thorough due diligence before investing in any online platform, particularly those related to cryptocurrency.
"The DCI cautions Kenyans and any other person to beware of this scam, and advises them to verify the authenticity of any online investment platforms with Capital Markets Authority (CMA) and the Communication Authority (CA) respectively before investing their hard-earned money," the DCI reiterated.
To combat this growing threat, the DCI encourages individuals with information regarding such scams to contact their toll-free hotline. Collaborative efforts are crucial in protecting Kenyans from such fraudulent activities and bringing perpetrators to justice.