Detectives working on Gakuyo’s entities that is Ekeza Sacco Ltd, Gakuyo Real Estate Ltd and Gakuyo Investors Ltd has revealed that Ksh 1.5 billion was misappropriated.
“On 7th March, 2019, the Financial Investigations Unit (FIU) at DCI Headquarters launched investigations touching on allegations of a mega fraud scheme which was reported by the Ministry of Trade and Cooperatives and individual investors who had invested with the above entities.
The mentioned entities are owned by David Kariuki Ngari alias Gakuyo. The allegations were that close to 70,000 members had invested with the entities to a sum of Sh1.5 billion but their monies had been misappropriated.
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Investigations commenced with over 200 sampled statements being recorded from the victims. The Ministry of Industry, Trade & Cooperatives also formed an audit team that found that a total of Sh 1,052,746,094 had been misappropriated by David Kariuki Ngari and other top managers between year 2015 and 2018.” said DCI
Upon completion of its investigations, the ODPP recommended that the accused charged with conspiracy to defraud, stealing and obtaining money by false pretenses among other charges.
What followed was his arrest at JKIA on transit to Zambia before he was taken to Muthaiga police station and later arraigned in court.
“On February 22, 2024, a miscellaneous application was filed at the court by the investigator, which sought custodial orders to have the suspect remanded pending completion of investigations and the consent to charge from the ODPP.
The presiding court has fixed the ruling for tomorrow, the 23rd of February, 2024 at 1130 hours before Hon. Onsarigo. Meanwhile, the suspect has been locked up at Muthaiga Police Station.” said DCI
