Samuel Njoroge, another investor, claims that VIP Portal had agreed to absorb any losses that would arise after trading using his cash. This was to give relief to investors who were afraid of losing their money, and was key in attracting more clients to try their hand in the business.

“Further terms were that in case any losses were made, it would be absorbed by VIP Portal and not passed on to the investors. Pursuant to this, the members deposited money with VIP Portal expecting payment of their initial investment sum plus interest,” Mr Njoroge says.

A couple accused of defrauding thousands of investors of millions of shillings has started repaying the money, a Kiambu court was told yesterday.

Alfred Wangai and Mercy Nkatha on Monday said that they have paid more than Sh900 million.

The couple owns an online forex trading company - VIP Portal - based in Limuru town, where thousands of people lost more than Sh1 billion after the couple promised to double the deposits.

Between October 2013 and September 2014, the couple engineered one of Kenya’s biggest forex trading scams through the forex firm.

Some 13,000 Kenyans lost about Sh1 billion to the couple within eight to nine months, according to the police. The investors were from several counties.

The couple allegedly told depositors they would use their capital to trade in stocks in internationally listed companies, but fell back on the promise as soon as the money was deposited in their account.

Every investor was asked to deposit a minimum of Sh25,000 at VIP Portal.

The couple promised investors dividends of between 60 and 80 per cent of the amount deposited for four consecutive months.

After the expiry of the four months, the investors would get their initial total deposits back.