Kenyan businessman accused of defrauding investors of more than $140 million – regulation

Businessman and Kenyan football club owner Ricardo Badoer has been accused of funneling more than $140 million from investors through his cryptocurrency Aidos Kuneen.

Threats to Investors

According to a local report, Kenyan businessman Ricardo Badoer is accused of defrauding investors of more than $140 million using his cryptocurrency Aidos Kuneen.

The allegations against Badoer - the owner of Wazito FC, a soccer club that plays in Kenya's top flight - followed claims that the Dubai-based businessman had refused to release assets from investors. Badoer is also accused of using former General Service Unit police officer Paul Kaikai to threaten investors.

In addition to the alleged threats is Badoer reported Blocked investors from asking about their money on social media.

"Most of the investors are Japanese. He has withheld their assets and is blocking anyone on Twitter or Aidos Market Telegram who asks for their money," an anonymous source is quoted as saying.

Since Badoer failed to repay investors on time, some in Kenya are now speculating that the businessman may be doing this to stop the collapse of his cryptocurrency project.

Investors want the Central Bank of Kenya to intervene

Meanwhile, Kahawa Tungu - an online media company that claims to have confidential information about Badoer - said some frustrated investors now want the central bank to intervene. The outlet's report, based on testimony from an anonymous source, explains:

The frustrated investors are [now] working on trying to contact the Central Bank of Kenya and Sumac Microfinance Bank, where he [Badoer] holds a stake, to raise the alarm and potentially have him sanctioned.

Aside from the failure of Aidos Kuneen's investors, Badoer is also reportedly unable to meet other obligations such as paying the salaries of Wazito FC's players and the club's operating costs.

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Terence Zimwara

Terence Zimwara is an award-winning journalist, author and author in Zimbabwe. He has written extensively about the economic woes of some African countries and how digital currencies can provide an escape route for Africans.

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