Kenyan Businessman Accused of Defrauding Investors of More Than $140 Million – Regulation Bitcoin News

Ricardo Badoer is a businessman who owns a Kenyan soccer club. He has been accused by investors of taking more than $140million from them via Aidos Kuneen.

Threats Against Investors

A local report says that Ricardo Badoer from Kenya is facing charges of fraud against investors through his Aidos Kuneen crypto of over $140 million.

The allegations against Badoer — the owner of Wazito FC, a football club that plays in Kenya’s top division — followed claims the Dubai-based businessman was refusing to release assets belonging to investors. Badoer also faces accusations of using Paul Kaikai, a former General Service Unit officer, to intimidate investors.

Badoer, in addition to the threats, is said to have stopped investors from asking about their funds via social media.

“Most of the investors are Japanese. He has withheld their assets and blocks anyone on Twitter or Aidos Market Telegram who asks about their money,” an anonymous source is quoted explaining.

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

Central Bank of Kenya Intervenes for Investors

Meanwhile, Kahawa Tungu — an online media outlet that claims to be in possession of confidential information concerning Badoer — said some frustrated investors now want the central bank to intervene. The outlet’s report, which relies on the testimony of an anonymous source, explains:

Investors who are frustrated [now]In order to try and contact the Central Bank of Kenya, Sumac Microfinance Bank or any other institution where they are available [Badoer]Holds shareholding to alarm him and maybe get him sanctioned.

Besides failing the Aidos Kuneen investors, Badoer is reportedly also unable to meet other obligations such as paying the salaries of Wazito FC players and the club’s operational expenses.

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Terence Zimwara

Terence Zimwara was a Zimbabwean award-winning journalist and author. He is a prolific writer on the economic woes of African countries, as well as digital currencies that can be used to provide an escape path for Africans.

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