- Etica Capital Limited issued a scam alert after a clone website began impersonating the licensed money market fund and luring investors with inflated returns
- The fraudulent site, registered on October 5, 2026, operated fake M-Pesa payment channels and displayed a forged Capital Markets Authority licence badge
- Etica Capital urged affected investors to contact its compliance desk immediately and verify all transactions through its official CMA-listed channels
Elijah Ntongai is an experienced editor at TUKO.co.ke, with more than four years in financial, business, labour and technology research and reporting. His work provides valuable insights into Kenyan, African, and global trends.
Nairobi-based money market fund Etica Capital Limited has raised the alarm over a counterfeit website impersonating the firm and advertising an average yield of 17.55% to attract unsuspecting investors.
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The firm identified the fraudulent platform operating under the name "Etica Stock Market Ltd" at the domain eticammf.com, which was registered on October 5, 2026.
The site uses stolen video content branded as "Etica Money Market Fund" and falsely displays a "CMA Licensed Regulated" tag, despite holding no authorisation from the Capital Markets Authority.
How the Scam Operates
The clone site is engineered to collect personal data and intercept funds.
Two fraudulent M-Pesa payment channels have been linked to the scheme: Till Number 4320502, registered under the name NYXOS VENTURES, and Paybill 714777, neither of which is connected to the licensed firm.
In a statement posted on its official X account, Etica Capital said:
"We have identified a highly sophisticated clone website actively impersonating Etica Capital Limited. This website is a SCAM designed to harvest your personal information and steal your funds."
The firm confirmed that its only legitimate web presence is eticacap.com and that its licence can be verified on the Capital Markets Authority's official register.
All genuine investments are processed exclusively through the firm's regulated bank accounts or its verified Paybill number 4096483.
The firm advised investors to use the M-Pesa Hakikisha feature before completing any transaction to confirm the registered name of the recipient.
What Investors Should Do
Anyone who has shared payment confirmation messages with the fraudulent site or transferred funds through the fake channels is urged to contact Etica Capital's compliance desk at info@eticacap.com or reach the team by phone or WhatsApp on 0769 999666.
The firm also encouraged the public to circulate the alert to protect other potential victims.
The warning follows a period of increased fraudulent activity targeting Kenyan savers through social media platforms and clone websites that mimic licensed fund managers.
The Capital Markets Authority has repeatedly asked the public to confirm the status of any investment entity on its official licensee register before committing funds, and maintains a publicly accessible list of approved intermediaries for this purpose.
Investors are advised to treat any platform offering returns significantly above prevailing market rates with caution, cross-check payment details against CMA records, and report suspicious websites directly to both the regulator and the relevant fund manager.
Source: TUKO.co.ke
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