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Police on the trail of Safaricom IPO refund fraudsters
Former President Mwai Kibaki launches the Safaricom IPO in 2008. Some investors lost their refunds after oversubscription of IPO. Photo/FILE
Police are on the trail of nine fraudsters suspected of having pocketed millions of shillings by cashing out Safaricom IPO refund cheques belonging to investors through forgery of identity.
The Capital Markets Fraud Investigation Unit, which works closely with the Capital Markets Authority (CMA), has issued warrants of arrest for nine suspects, accused of colluding with bank officials to cash investors’ cheques.
