VIPortal paid 2 million Kenyan Shillings to greedy police officers over its forex business - forex day trading demo

VIPortal paid 2 million Kenyan Shillings to greedy police officers over its forex business ~ forex day trading demo

Now we all know that forex trading is a lucrative venture. But what we had hitherto not known is that some Kenyan forex traders have made it big to the point that they can now afford to pay as much as 2 million Kenyan shillings in form of bribe to a mere police officer. It is even surprising that the same amount was paid by embattled Kenyan forex entity VIPortal Incorporated. Once again I will not be quick to throw stones at VIPortal. The scheme (bribes and extortion) is only turning out to support my earlier arguments about forex trading in Kenya. The most recent being an article titled, are Kenyan forex traders the new group of reclusive millionaires?This is how the story goes.

An online financial institution has appealed to the Government to introduce regulations to govern their operations on forex trading. VIP Portal Incorporated (INC) officials said they are being harassed and extorted by police for operating illegally whereas there is no law that guides their operations. "Let the Government assist us by introducing regulations that will guide how we operate. We should not be branded a pyramid scheme and accused of illegally operating unregistered forex bureau when there is no law that guides us," the organisations director Charles Njuguna said during a press briefing at a Nairobi hotel. He said the regulatory framework will enhance an e-forex industry and make Kenya the fifth forex trading nation in the world. He also asked the government to facilitate liquidity providers who will integrate with the online trading framework and provide direct market feeds. Njuguna said their institution is an established ECN forex broker serving both individual and corporate clients and it has up to 8,000 clients. For instance, he claimed, some police officers had extorted their CEO Sh2 million for allegedly operating illegally. Njuguna said the issue was reported to senior police officers. He also said the institutions bank accounts have been frozen with more than Sh8 million after they were branded a pyramid scheme, adding, "Other banks have been advised against opening an account in our name, which is turning out to be a scheme to finish us." In June this year, Njuguna said three members of staff at the institution were arrested and charged with operating a forex bureau illegally. 

Article Source: StandardNewspaper

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