Policy holders at CIC Insurance have lost their investment to the tunes of Shs 100m to a suspected fraudulent scheme connected to agents at the firm.

The affected were introduced to 'Mavuno', a unit-linked investment plan that was allegedly supposed to yield returns of between 7% and 10% a month. The deal seemed to be working and the investors gained confidence in it and after investing for over a year reaping high returns and investing more, the agent vanished.

The only evidence left behind of the investments is the Shs 2,000 every individual paid as registration and nothing of the other sums of money. The agent who dealt with the investment could not be traced as he disappeared after the matter was reported to the police.

CIC has since denied involvement in the scum and the the Mavuno product saying they dropped it in 2010 due to performance issues. The insurer replaced Mavuno  with Invest Plan – a 12-year investment plan that pays returns every three years. Police are investigating the incidence.

In 2007 - 2008 Development Entrepreneurship for Community Initiative (DECI), a pyramid scheme defraud Kenyans of huge amounts of money in the name of high return for short periods on 'seed money'. Twenty people are alleged to have killed themselves after being ripped off by the pyramid scheme. Kenyans lost Sh34 billion in the con games, which MPs said were masterminded by well known persons.