Ekeza Sacco owner denies fraud allegations

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May 25, 2017
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By James Wakahiu.

The owner of a real estate company and Sacco has denied swindling investors, and instead blamed reports carried by a section of the local media on his political detractors.
Rev. David Kariuki Ngari (pictured), popularly known as Gakuyo who runs Gakuyo Real Estate and Ekeza Sacco said he runs legitimate businesses and has not stolen anything from anyone.
The reports claimed that about 7,000 Kenyans could have been duped into losing cash savings in excess of Sh3 billion in a housing scheme under the scheme christened Gakuyo Zero Deposit (G zero D) programme.
However, speaking during an interview with a vernacular radio station recently, Gakuyo said the reports is a ploy to malign his name and eventually collapse his business empire.
“You see, by instilling fear among our investors, the report is designed to create a situation where those who have deposited money with us will demand to withdraw their money en-masse thus collapsing the institution,” he claimed.
Earlier, business in Thika town was temporarily paralyzed after a section of Gakuyo Real Estate/Ekeza Sacco workers and members staged a demonstration, protesting what they termed as political interference with the two institutions.
Traders hurriedly closed shops as pedestrians watched while some motorists swerved and sped off.

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