- Forex trading, also known as foreign exchange or FX trading is a decentralised market for the trading of global currencies at a profit.
- Forex traders make money by correctly predicting a currency’s price movements.
Image: THE STAR
Detectives in Nairobi have arrested a man suspected of defrauding unsuspecting members of the public who reportedly sought his services on forex trading.
The DCI said in a statement the suspect, 30, was arrested in the Kimbo area by detectives from DCI Nairobi regional headquarters after he allegedly defrauded numerous people.
“His arrest follows an extensive investigation into fraudulent activities that misled and exploited members of the public seeking financial gains through forex investments,” DCI boss Mohamed Amin said in a statement on X Tuesday evening.
Forex trading, also known as foreign exchange or FX trading, is a decentralised market for the trading of global currencies at a profit.
It’s basically online or over-the-counter exchange of one currency for another through buying, selling, or exchanging currencies at current or determined prices.
Forex traders make money by correctly predicting a currency’s price movements. One can bet that the currency price will increase and expect to sell their stake at a higher price.
The DCI did not disclose in what manner the suspect in custody defrauded his victims, but he appealed to anyone who may have fallen prey to his ploy and lost money to come forward and report their cases at the DCI Nairobi area offices.
“The arrest of the suspect confirms the DCI's commitment to tackle financial crimes and protect citizens from fraudulent schemes,” the DCI said.
He noted that financial fraud remains a significant risk and strongly advised members of the public to exercise caution when engaging in forex trading or any other online investment activities.
Amin said it’s crucial for anyone seeking to engage in forex trading to verify the legitimacy of brokers and trading platforms before entrusting them with their hard-earned cash.
“Members of the public are also advised to be wary of offers that seem too good to be true and ensure that all investments are made through licensed and regulated entities,” he said.
Amin said anyone with information that may help bust crime across the country can relay it to the DCI anonymously via the #FichuakwaDCI toll-free contact number 0800722203.