Cytonn Investment has attracted the attention of the Capital Markets Authority which has issued a stun warning to investors against investing in unregulated products offered by unlicensed entities.
The announcement is in response to complaints that have been made by some investors at Cytonn investments who accused the firm of failing to fulfil its contracts.
Lynn Ngugi was one of the investors who, together with her friends invested with Cytonn into its high yielding fund 2 years ago.
Lynn and her friends tried to get their return on investment back from Cytonn Investment but the only feedback she received was a series of communication from the fund manager trying to explain.
Cytonn pulls funds from the public and invests the money raised into projects such as real estate but Cytonn says they have encountered several challenges including the pandemic, hostile regulatory environment, and value-destroying activities of investors.
Cytonn said, 200 investors from their high yielding fund have raised concern over their investment.
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