Kenyans Lose Millions in New Pyramid Scheme

  • Job seekers queue for interviewers at an organisation in the past
    Job seekers queue for interviewers at an organisation in the past
  • Kenyans have once again lost millions of shillings through a well-orchestrated pyramid scheme┬áthat started in November 2021.

    Under the E-Ken platform, investors were asked to make a minimum payment of Ksh500 to activate their accounts before using the platform.

    The online platform offered products review services with the users required to make positive reviews on various items that were being sold on some e-commerce outlets.

    However, investors were encouraged to start their accounts with higher fees if they were to get corresponding high returns.

    File image of Kenyan bank notes
    File image of Kenyan bank notes

    In a Twitter thread by one investor, under the username, Mwenda, he narrated how he lost his hard earned cash after investing Ksh10,000 on the platform. He stated that the platform was lucrative for many graduates who were looking for jobs as the Ksh500 registration fee was reasonable.

    The investor added that the individuals behind the scheme were tactical and would often hold online classes for the new recruits to make the platform look legit and more enticing. During the classes, they were taught how to carry out product reviews.

    "All you had to do was to complete 60 product orders. The orders were meant to promote products on shopping sites. One had to deposit a minimum of Ksh500 to complete these orders. And in return earn a certain commission that would increase daily as your money increases," he stated.

    Just like other investors, Mwenda stated that he could not access the platform anymore and has not received any official communication from the team in Kenya.

    The investors added that they realised it was a pyramid scheme as the platform does not have any physical office in the country.

    "On March 22 at around 2300hrs, the platform went offline and the admins could not be reached anymore. It is no surprise today to hear that people have lost their money through the platform," he stated.

    Consequently, other investors took to social media to lament over the losses, further asking security agencies to intervene.

    Nonetheless, a section of online users also hit out at the Kenyan investors for being gullible to a product that had not been tried and tested.

    "Kenyans have become victims of E-Ken, the worst part is many didn't believe on this scam till a media station aired the news on the platform," Ole Koraita, a Twitter user commented.

    "Why do Kenyans always fall for these scams? The media also plays a very big role in luring innocent and desperate Kenyans especially the youth into such scams by advertising and sanitizing these scams," Bravin Yuri concurred.

    The police are yet to issue a statement on the scheme even as more investors come forward with their stories.

    A file image of the entrance of the DCI headquarters along Kiambu road.
    A file image of the entrance of the DCI headquarters along Kiambu road.