Loan restructuring

Controversial real estate company, Gakuyo Real Estate, has allegedly rebranded after falling into disrepute and liquidation over shady dealings earlier in the past.

The company has reportedly acquired a new identity, now going by the name New Gakuyo Real Estate.

Gakuyo Real Estate has in the past been associated with clergyman Bishop David Kariuki Ngari alias Gakuyo of Calvary Chosen Centre, also implicated in the largely publicized Ekeza Sacco swindle.

According to reports, investors who lost their money in the Ekeza Sacco scheme with amounts over KSh. 1 billion are yet to be refunded.

An audit report for the ill-fated scheme released in 2019 revealed how Bishop Gakuyo moved investors’ money amounting to KSh 88 million to his account in 2015, KSh 850 million in 2016, and a further KSh 625 million in 2017.

The details revealed a shady cash circle in which the businessman wired a total of KSh 1.5 billion to his account, of which KSh 507 million was loaned to a section of Ekeza Sacco members who sought to purchase homes under Chosen Green City, a housing project in Kabati, Murang’a County which was being developed by Gakuyo Real Estate.

The Sacco was in 2018 placed under liquidation to protect investors from losing their money.

New Gakuyo Real Estate is said to have kicked off operations, selling plots situated at its Kilimambogo project in Nakuru County with adverts on a local vernacular media outfit according to Mwakilishi.

Read; Banda Homes accused of fraud again

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