cryptocurrencies
cryptocurrency

A Rwandan businessman has been detained over allegations of engaging in cryptocurrency scam business, Rwanda Investigation Bureau (RIB) said on Friday.

“RIB has detained leader of Supermarketings Global Ltd over the cryptocurrency scam. This business is contrary to what the company registered to do,” it said in a tweet.

The bureau cautioned the public against businesses, promising them high returns on investment within a short time.

It added that investigations continue to bring others involved in related illegal business to book.

According to RIB, Supermarketings Global Ltd registered at Rwanda Development Board to engage in educational support activities but later switched.

One man claimed he invested 5 million Rwandan francs (about 5,500 U.S. dollars) in the business. “It is a sad day for us investors if this company is no more existed. How shall we recover our money?” he asked on condition of anonymity.

The closure of the business and the arrest came a day after the National Bank of Rwanda warned the public against pyramid schemes and network marketing in the country.

The National Bank of Rwanda on Thursday said in a notice to the public that it has been alerted of the existence of investment scam activities operating in Rwanda through locally registered businesses or from abroad through online platforms.

The scams take the form of active pyramid schemes, multiple level marketing or cryptocurrency issuance through fake initial coin offerings, it said. Enditem

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