National Treasury Flags Online Scam Mixing Bonds with Fake Crypto ETFs
The National Treasury has warned Kenyans against a fake investment scheme that is circulating online in its name.
The fraudulent notice, which started circulating on Monday September 1, promised guaranteed and instant returns through what it claimed were Treasury-approved products. The scheme advertised “Online Investment Sessions” supposedly organized by the Treasury, luring Kenyans with investments in Treasury Bills, Bonds, Infrastructure Bonds and even “regulated” crypto exchange-traded funds (ETFs).
The con promised participants that an investment of between Ksh10,000 and Ksh50,000 would yield profits in less than three hours—a red flag that has now raised many eyebrows.
Treasury has denied any association with the scheme.
“The poster below is circulating online, claiming to be from the National Treasury. It is FAKE. Ignore it and don’t share further,” read the statement.
The authorities noted that the fraudulent advert had several tell-tale signs of a scam. Among them was the inclusion of a personal WhatsApp number for registration and fixed profit promises—both are not done for legitimate government securities.
In reality government backed investment opportunities are handled by the Central Bank of Kenya (CBK) and follow a process with clear timelines. Official announcements are only published through gazette notices and government channels such as My Gov.
The Treasury’s warning comes barely a week after it cancelled 20 framework tenders advertised last December and March this year citing the Public Procurement and Asset Disposal Act of 2015. These tenders were for the supply of items including agricultural equipment, newspapers, chemicals and timber products.
Members of the public are advised to be vigilant and report any suspicious schemes to CMA or relevant law enforcement agencies to stop the growing wave of online financial fraud targeting Kenyans.
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National Treasury Flags Online Scam Mixing Bonds with Fake Crypto ETFs