25.6 C
Kenya
Thursday, August 22, 2019
  • REAL ESTATE

How Gakuyo withdrew Sh. 1 billion investors’ money to fund lifestyle

Must Read

Kendi Kimathi: I make Sh. 60,000 from selling uji

Uji Business in Kenya: BY WANGARI KAMANGA: After a long day at a call centre, Kendi Kimathi, could not...

Co-op Bank posts Sh. 7.5 billion net profit in six months

Co-op Bank Half Year 2019 Results: The Co-operative Bank Group has announced a half year profit after tax of...

Safaricom Sustain Close To A Million Jobs In One Year

Safaricom (NSE: SCOM) has recorded a nine per cent increase in the number of jobs sustained in the last financial...

Gakuyo’s Net Worth: A shocking audit report has come out to show how ‘Bishop’ David Kariuki Ngari alias Gakuyo moved investors’ money from Ekeza Sacco to a personal account that only he and his wife could access.

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

Gakuyo reportedly transferred the money between 2015 and 2017.

The audit report was prepared by a team appointed by Commissioner for Cooperatives Mary Mungai last December.

It was then presented to Ekeza Sacco members during a special general meeting at Moi International Sports Centre Kasarani yesterday by Philip Ulluma and Stephen Njoroge.

The report shows 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 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Njoroge noted the money was withdrawn by the sacco’s vice-chairman James Kimani and former CEO Gladys Wanjiku.

- Advertisement -

1 COMMENT

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Latest News

Co-op Bank posts Sh. 7.5 billion net profit in six months

Co-op Bank Half Year 2019 Results: The Co-operative Bank Group has announced a half year profit after tax of...

Co-op Bank posts Sh. 7.5 billion net profit in six months

Co-op Bank Half Year 2019 Results: The Co-operative Bank Group has announced a half year profit after tax of Sh. 7.5 billion. This is...

Safaricom Sustain Close To A Million Jobs In One Year

Safaricom (NSE: SCOM) has recorded a nine per cent increase in the number of jobs sustained in the last financial year, both directly and indirectly,...

Keroche’s Tabitha Karanja to be arrested over Sh. 14.4 billion tax evasion

Director of Public Prosecutions, Noordin Haji, has ordered the arrest of Keroche Breweries owner Tabitha Karanja and her husband for alleged tax evasion. According to...

Equity Bank Diaspora Remittances Hit Kshs67 Billion During The First Half Of 2019

Equity Bank’s share of diaspora inflows grew by 28% during the first half of the year to Kshs66.6 billion from Kshs52.2 billion. The Bank received...

More Articles Like This

- Advertisement -
%d bloggers like this: