It looks like your account doens't have access to view this content. You'll need to subscribe or login to do that Family Bank has revealed that it ordered online forex trading agent VIP Portal to close three accounts held with the lender before they were frozen by the Banking Fraud Investigation Unit BFUI on suspicion of operating like a pyramid scheme.

How Kiambu couple conned investors of Sh1bn - Business Daily

The lender says in court papers that it had given VIP Portal 60 days to transfer all its funds to another bank in May last year after becoming suspicious of its forex trading business.

The bank flagged the accounts after discovering multi-billion shilling transactions barely eight months after they were opened.

VIP Portal sued Family Bank for blocking its accounts in July last year. The bank has, however, denied any wrongdoing, holding that it only complied with a court order secured by anti-banking fraud officers.

VIP Portal wants Family Bank compelled to compensate it for lost business as a result of the accounts freeze. Forex trader VIP Portal battles banks over frozen accounts.

The scam that is online forex trading in Kenya - Daily Nation

The forex trader had said it was unable to make any payments to its clients as a result of the freeze, sharekhan online trading brokerage charges move that had cost it prospective clients. But Family Bank now says the forex trader is just looking to get rich off the lender by hoodwinking the court into awarding it damages.

Mr Wangai and Ms Kirimi have since been charged in a Kiambu court with operating a forex trading business without a licence from CBK. Their accounts held at Barclays Bank alfred wangai forex also frozen.

The couple hold that the firm is registered in St Vincent and the Grenadines, but officials from the country have since denied the forex tester vq of VIP Portal on its list of registered companies.

How online forex trading scam reeled in the innocents.

Family Bank adds in its defence that the forex trader is using the civil suit against the lender to defeat the court order issued freezing its accounts. This, the bank insists, is an abuse of the court process. A hearing date for the suit is yet to be set.

Family Bank hits back at suspected Ponzi VIP Portal - Business Daily

An investigation report compiled by BFUI revealed that VIP Portal had accumulated Sh1. The VIP Portal investors filed a class action suit against the firm in December and have now asked the court to deliver judgment in its favour as the forex trader is yet to enter appearance in the suit five months after it was filed.

Economy News Corporate Lifestyle Opinion Markets Menu. By BRIAN WASUNA, bwasuna ke. We tried to kick VIP Portal out over forex scheme Monday, April 20, 4: Economy News Corporate Lifestyle Opinion Markets. Daily Nation Daily Monitor Mwananchi Digital Editions Nation Media Group About us Contact us Help Privacy Policy Terms.