Detectives in Nairobi have apprehended a man suspected of defrauding individuals who sought his services for forex trading. According to a statement from the Directorate of Criminal Investigations (DCI), the 30-year-old suspect was arrested in the Kimbo area by detectives from the DCI Nairobi regional headquarters after allegedly defrauding numerous victims.
“His arrest follows an extensive investigation into fraudulent activities that misled and exploited members of the public seeking financial gains through forex investments,” said DCI boss Mohamed Amin in a statement on X Tuesday evening.
Forex trading, also known as foreign exchange or FX trading, involves the decentralized trading of global currencies for profit. It typically occurs online or over-the-counter, where currencies are bought, sold, or exchanged at current or predetermined prices. Traders aim to profit by accurately predicting currency price movements, betting that a currency’s price will rise to sell their stake at a higher price.
The DCI did not specify the exact methods the suspect used to defraud his victims, but has urged anyone who may have fallen victim 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 tackling financial crimes and protecting citizens from fraudulent schemes,” the statement read.
Amin emphasized the ongoing risk of financial fraud and advised the public to exercise caution when engaging in forex trading or other online investment activities. He stressed the importance of verifying the legitimacy of brokers and trading platforms before investing.
“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,” Amin said.
He encouraged anyone with information that could aid in combating crime across the country to contact the DCI anonymously via the toll-free number 0800722203.
