By using this site, you agree to the Privacy Policy and Terms of Use.
Accept

News Junction

Notification Show More
Font ResizerAa
  • Home
  • World News
    World NewsShow More
    Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
    Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
    May 11, 2025
    Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
    Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
    May 11, 2025
    Why is Germany such a mess? — RT World News
    Why is Germany such a mess? — RT World News
    May 11, 2025
    Pope Leo explains name: AI, worker rights
    Pope Leo explains name: AI, worker rights
    May 11, 2025
    Ukraine and allies urge Putin to commit to a 30-day ceasefire or face new sanctions – National
    Ukraine and allies urge Putin to commit to a 30-day ceasefire or face new sanctions – National
    May 11, 2025
  • Business
    BusinessShow More
    Ukraine blows up bridges to consolidate its positions in Russia
    Ukraine blows up bridges to consolidate its positions in Russia
    August 18, 2024
    Commentary: AI phones from Google and Apple will erode trust in everything
    Commentary: AI phones from Google and Apple will erode trust in everything
    August 18, 2024
    The most famous Indian Dishes – Insights Success
    The most famous Indian Dishes – Insights Success
    August 18, 2024
    Life on the road as a female long rides cyclist
    Life on the road as a female long rides cyclist
    August 18, 2024
    UK inflation rises to 2.2%
    UK inflation rises to 2.2%
    August 18, 2024
  • Cryptocurrency
    CryptocurrencyShow More
    Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
    Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
    May 11, 2025
    Why is Ethereum (ETH) price up today?
    Why is Ethereum (ETH) price up today?
    May 11, 2025
    Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
    Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
    May 11, 2025
    Ex-UFC champ Conor McGregor touts Irish Bitcoin reserve in presidential bid
    Ex-UFC champ Conor McGregor touts Irish Bitcoin reserve in presidential bid
    May 11, 2025
    Ethereum, Dogecoin, and Bitcoin Pepe
    Ethereum, Dogecoin, and Bitcoin Pepe
    May 11, 2025
  • Technology
    TechnologyShow More
    How to Improve Your Spotify Recommendations
    How to Improve Your Spotify Recommendations
    August 18, 2024
    X says it’s closing operations in Brazil
    X says it’s closing operations in Brazil
    August 18, 2024
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    Supermoon set to rise: Top tips for amateur photographers | Science & Tech News
    August 18, 2024
    Scientists Want to See Videos of Your Cat for a New Study
    Scientists Want to See Videos of Your Cat for a New Study
    August 18, 2024
    OpenAI’s new voice mode let me talk with my phone, not to it
    OpenAI’s new voice mode let me talk with my phone, not to it
    August 18, 2024
  • Entertainment
  • Sports News
  • People
  • Trend
Reading: Firm loses Sh10m to government in pyramid scheme war
Share
Font ResizerAa

News Junction

  • World News
  • Business
  • Technology
  • Cryptocurrency
  • Trend
  • Entertainment
Search
  • Recent Headlines in Entertainment, World News, and Cryptocurrency – NewsJunction
  • World News
  • Business
  • Cryptocurrency
  • Technology
  • Entertainment
  • Sports News
  • People
  • Trend
Have an existing account? Sign In
Follow US
News Junction > Blog > Business > Firm loses Sh10m to government in pyramid scheme war
Firm loses Sh10m to government in pyramid scheme war
Business

Firm loses Sh10m to government in pyramid scheme war

Published August 3, 2023
Share
2 Min Read
SHARE

Contents
EconomyFirm loses Sh10m to government in pyramid scheme war
Economy

Firm loses Sh10m to government in pyramid scheme war

Thursday August 03 2023

The High Court has ordered Sh10 million belonging to Kivaa Ventures be forfeited to the government. FILE PHOTO | SHUTTERSTOCK

The High Court has ordered Sh10 million belonging to a company suspected to be involved in a pyramid scheme, forfeited to the government after the firm’s director failed to explain the source of the funds.

Justice Esther Maina ruled that the money linked to Kivaa Ventures Ltd be transferred to the Assets Recovery Agency (ARA).

The judge said the firm and its director Stephen Muchoki Kimenchu did not provide evidence to prove that he ran a business as alleged.

“One would have expected him to provide this court with documents evidencing registration of the business and also proof of the person he traded with so as to earn the sums deposited in the account. There is no proof at all,” the judge said.

The agency informed the court that the firm was involved in fraud, racketeering and obtaining money from people by false pretences.

After obtaining warrants to investigate the bank account, the ARA discovered that the firm had deposited Sh30 million in a span of six days from various individuals in a manner believed the funds were obtained by false pretences.

Further, within the said period there were massive cash withdrawals and transfers, ARA said.

The agency tabled in court bank statements showing the deposits and withdrawals.

→ [email protected]

#Firm #loses #Sh10m #government #pyramid #scheme #war

TAGGED:Assets recovery AgencyfirmgovernmentJustice Esther MainaKivaa VentureslosespyramidschemeSh10mwar
Share This Article
Facebook Twitter Pinterest Whatsapp Whatsapp LinkedIn Email Copy Link Print
Share
What do you think?
Love0
Sad0
Happy0
Sleepy0
Angry0
Dead0
Wink0
Previous Article Alienware’s Newest Desktop Design Leaves the Mothership and Heads Back Down to Earth Alienware’s Newest Desktop Design Leaves the Mothership and Heads Back Down to Earth
Next Article Jewell Loyd doesn’t get the help she needs as Storm lose to Wings Jewell Loyd doesn’t get the help she needs as Storm lose to Wings
- Advertisement -

Latest Post

Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Price analysis 3/17: SPX, DXY, BTC, ETH, XRP, BNB, SOL, DOGE, ADA, PI
Cryptocurrency
Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
Vladimir Putin’s offer of direct talks with Ukraine is the latest attempt to avoid committing to a 30-day ceasefire | World News
World News
Why is Ethereum (ETH) price up today?
Why is Ethereum (ETH) price up today?
Cryptocurrency
Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
Putin proposes direct Russia-Ukraine talks in Istanbul on May 15 | Russia-Ukraine war News
World News
Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
Bitcoin SV investors attempt to resurrect 2019 Binance lawsuit
Cryptocurrency
Why is Germany such a mess? — RT World News
Why is Germany such a mess? — RT World News
World News
- Advertisement -

You Might Also Like

Magna International misses top-line and bottom-line estimates; updates FY24, FY26 outlook
Business

Magna International misses top-line and bottom-line estimates; updates FY24, FY26 outlook

August 2, 2024
Perseus Mining announces intention to make takeover bid for OreCorp Ltd
Business

Perseus Mining announces intention to make takeover bid for OreCorp Ltd

January 22, 2024
SME group urges Cooper to aid riot-affected businesses
Business

SME group urges Cooper to aid riot-affected businesses

August 9, 2024
Ford sales jump in January, topping Toyota’s, but EV growth stalls
Business

Ford sales jump in January, topping Toyota’s, but EV growth stalls

February 2, 2024

About Us

NEWS JUNCTION (NewsJunction.xyz) Your trusted destination for global news. Stay informed with our timely and accurate reporting on diverse topics, including politics, technology, science, entertainment, sports, and more. Count on us for unbiased and reliable updates at your fingertips.

Quick Link

  • About
  • Disclaimer
  • Privacy Policy
  • Terms of Use
  • Contact

Top Categories

  • World News
  • Business
  • Technology
  • Entertainment
  • Cryptocurrency
  • Sports News
  • Trend
  • People

Subscribe

Subscribe to our newsletter to get our newest articles instantly!

    © 2023 News Junction.
    • Blog
    • Advertise
    • Contact
    Welcome Back!

    Sign in to your account

    Username or Email Address
    Password

    Lost your password?