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How Gakuyo took Sh. 1 billion from unsuspecting investors to fund lifestyle

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David Kariuki Ngari alias Gakuyo likes to refer to himself as a man of God. A man of the cloth. But thousands of investors who have never recovered their money from Gakuyo’s Ekeza Sacco, would probably use some not-so godly adjectives to describe him.

Moreso, after an audit report last year showed how he moved investors’ money from Ekeza Sacco to a personal account that only he and his wife could access, and then used this money to fund his flashy lifestyle

According to the report, Gakuyo transferred the money in order to fund his lifestyle. He then used it to purchase numerous personal properties.

Gakuyo rebrands, makes comeback with another land project

Gakuyo reportedly transferred the money between 2015 and 2017. The audit report was prepared by a team appointed by Commissioner for Cooperatives Mary Mungai in December 2018. It was then presented to Ekeza Sacco members during a special general meeting at Moi International Sports Centre Kasarani in February 2019 by Philip Ulluma and Stephen Njoroge.

The report showed that Gakuyo transferred Sh. 88 million in 2015, Sh. 850 million in 2016 and Sh. 625 million in 2017.

Of the Sh. 1.5 billion, Sh. 507 million was loaned to some Ekeza Sacco members who wanted to own homes under Chosen Green City, a housing project in Kabati, Murang’a County. The project was being undertaken by the sacco’s sister company, Gakuyo Real Estate.

“So we can say the money Gakuyo owes members is about Sh. 1 billion. This is the money he took illegally and without any approval of the members, and it is the money we want him to pay,” said Mr Njoroge. He said part of the money David Kariuki Ngari Gakuyo transferred to his account illegally was used to pay lawyers to oversee purchase of land and houses by the sacco. Njoroge noted the money was withdrawn by the sacco’s vice-chairman James Kimani and former CEO Gladys Wanjiku.

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