Following claims on Ekeza Sacco’s false business, it is revealed that “Dr” David Kariuki Ngare alias Gakuyo used the money people had invested to upgrade his lifestyle by buying prime properties for his family and boosting his struggling real estate firm.
As matters emerge, it is revealed that, Gakuyo has pocketed Sh1.5 billion belonging to 78,000 members, mostly peasants, of the troubled Ekeza Sacco.
About Sh1.5 billion was unlawfully transferred to the accounts of Mr Kariuki’s Gakuyo Real Estate, where he is the managing director and his wife Hannah Wachu a co-director.
Only an estimated third of the money — Sh507,900,374 — could be traced to members who took out loans from Ekeza to acquire properties from Gakuyo Real Estate, meaning an estimated Sh1 billion went to the “Man of God” and his accomplices.
Some of the money was withdrawn using the sacco’s vice-chairman James Wanjuu and secretary Gladys Muriithi “for activities of Gakuyo Real Estate and its directors” under the preacher and politician’s instructions.