Kenyan Businessman Accused of Defrauding Investors of More Than $140 Million

Businessman and proprietor of a Kenyan soccer club, Ricardo Badoer, has been accused of fleecing more than $140 million from traders through his Aidos Kuneen cryptocurrency.

Threats Towards Investors

In accordance to a local report, Kenyan businessman Ricardo Badoer is currently being accused of defrauding investors through his Aidos Kuneen cryptocurrency of more than $140 million.

The allegations versus Badoer — the operator of Wazito FC, a soccer club that plays in Kenya’s leading division — adopted claims the Dubai-dependent businessman was refusing to launch belongings belonging to traders. Badoer is also accused of making use of former General Assistance Unit law enforcement officer Paul Kaikai to threaten traders.

In addition to the alleged threats, Badoer is noted to have blocked buyers inquiring about their dollars by using social media.

“Most of the buyers are Japanese. He has withheld their assets and blocks anybody on Twitter or Aidos Industry Telegram who asks about their cash,” an anonymous source is quoted conveying.

As a consequence of Badoer’s failure to pay back back investors on time, some in Kenya now speculate that the businessman could be executing this in order to cease the collapse of his cryptocurrency project.

Traders Want Central Financial institution of Kenya to Intervene

In the meantime, Kahawa Tungu — an on-line media outlet that promises to be in possession of private facts about Badoer — said some disappointed buyers now want the central financial institution to intervene. The outlet’s report, which depends on the testimony of an nameless supply, describes:

The discouraged traders are [now] in the processing of attempting to get in touch with the Central Lender of Kenya and Sumac Microfinance Bank exactly where he [Badoer] holds shareholding to elevate alarm and potentially get him sanctioned.

In addition to failing the Aidos Kuneen traders, Badoer is reportedly also not able to satisfy other obligations this sort of as having to pay the salaries of Wazito FC players and the club’s operational bills.

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Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the financial troubles of some African countries as perfectly as how digital currencies can present Africans with an escape route.