Real Estate Scam: 7 Directors Face Charges for Alleged Ksh 1 Billion Fraud

by Rofina Media
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NMK Capital Investment Limited Seven Directors Conspiracy charges over Ksh 1 billion in a fake real estate scheme have been filed against unsuspecting members of the public in a Nairobi court.

Appearing before Milimani Magistrate Ben Mark Enhubi the nine suspects namely Keeru Ngugi Mucheru, Amos Macharia Maina, Joan Gathoni, Fredrick Kariuki Makumi, aGidion Charagu Mwangi, Shiphira Wantui Kanyinti, Agatha Wanjugu Mwaniki and NMK Capital investment Limited, abide worth auto-rent company, NMK Estate Developers Limited denied twenty-one charges of conspiracy to defraud and obtaining money by false pretenses from several investors.

NMK Capital Investment Limited Implicated in Public Outcry: Over Ksh 1 Billion Defrauded in Fake Development Scheme

Informing the magistrate, it was conveyed by State prosecutor Virginia Kariuki that beyond the twenty-one investors present in court today, additional individuals have had their statements recorded by the Director of Criminal Investigations (DCI), resulting in an aggregate sum exceeding Sh 1 billion, which the seven accused are alleged to have defrauded from the unsuspecting public in the counterfeit development scheme.

While expressing no objection to the release of the accused on bond, the prosecutor pressed upon the court to acknowledge the case’s immense public significance, given the purported defrauding of unsuspecting members of the public in excess of Sh 1 billion.

In the first count, it was denied by the seven accused, jointly with others who are not currently before the court, that between October 28, 2021, and July 16, 2023, within Nairobi County’s Nairobi Central Business District in the Republic of Kenya, as directors of NMK Capital Investment Limited and NMK Estate Developers Limited, they conspired to defraud unsuspecting members of the public of Ksh 45,558,731.

The Prosecution conveyed to the court that the accused individuals misled members of the public into believing that they would receive a 15 percent interest on deposits ranging from Ksh 1.8 Million to Ksh 5 million.

The suspects denied that they, in collaboration with others, engaged in the defrauding of this substantial sum.

Mucheru, perceived by the police as the mastermind behind the fraudulent real estate scheme, found himself facing multiple charges related to obtaining money through deceptive means.

The court was informed that, between July 20, 2023, and May 29, 2023, Mucheru falsely presented himself to Damaris Muthoni Kamau, claiming he could invest Sh 5.06 million in his bid-worth Auto-rent company, promising her a 15 percent monthly interest.

Interest Deception: Promising 15% Monthly Returns on Investments

He was also charged with defrauding Ksh 4.5 million from Pius Kinyambu and Ksh 4.3 million from Paul Msava Mutwii using the same tricks.

Catherine Mwangi, Margaret Muthoni Njoronge, Daniel Kariuki, Vincent Egessah, Samuel Kinyara, and Paul Mwangi were also defrauded in the scheme.

After the charges were denied, it was asserted by Kariuki that Mucheru posed a flight risk and, consequently, should not be granted cash bail.

She made a request for him to be provided bond terms requiring two sureties of a substantial sum, in addition to two senior government contact persons.

The court was informed that the police have received information indicating that the company is in the process of enlisting new investors who may potentially become victims of the fraudulent scheme.

The accused individuals, Duncan Okatch and Edward Oonge, implored the court to release them on lenient bond terms, emphasizing their cooperation with DCI detectives since January of this year.

Flight Risk Concerns: Defendant Released on Ksh 20 Million Bond

An order was made by Magistrate Ekhubi for Mucheru to be released on Ksh 20 million bonds, with a surety of a similar amount, and for the provision of one government senior officer as a contact person.                                                                                        Also, Read githua-and-mutahi-face-6-2-million-fraud-charges-in-nairobi-court/

However, the rest of the accused persons were ordered by him to be released on Ksh 600,000 bond, with an alternative cash bail of Ksh 300,000, and the examination of two contact persons by the court.

The case will be mentioned on October 16.

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