He said the proprietors of the scheme involved in buying and selling of oil appealed to deep-pocketed Kenyans to invest with them on promise of getting huge profits in return.
He said several prominent Kenyans fell prey to the fraudsters but have not reported the matter to the police for fear of exposing themselves to ridicule.
Reports appearing in a section of the media claim Mr Mungatana was defrauded a whopping Sh76 million.
Former Garsen MP Danson Mungatana has opened up about the con scheme that saw him lose millions of shillings to fraudsters.
Mr Mungatana dismissed reports doing rounds on social media that he was conned by a witchdoctor who promised to multiply his money to make him an overnight billionaire.
