How Ekeza Sacco defrauded members under the name of God and Land

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Gakuyo is being sought over the loss of Ksh.1billion from Ekeza Sacco after a directive from Interior CS Fred Matiang’i.

Gakuyo is the founder of Ekeza Sacco which has been dogged with controversy after it emerged that members funds were embezzled.

David Ngari, a televangelist and owner of Ekeza, is alleged to have used his reputation as a man of the cloth to lure followers into pumping billions of shillings into his organisation.

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A report earlier indicated that he has irregularly transferred Sh1.5 billion from the troubled Savings and Credit Co-operative Society to his personal account.

He reportedly transferred the money between 2015 and 2017, according to a report prepared by a team appointed by Commissioner for Cooperatives Mary Mungai last December to audit the Sacco.

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The report shows Gakuyo transferred Sh88 million in 2015, Sh850 million in 2016 and Sh625 million in 2017.
Of the Sh1.5 billion, Sh507 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 Sh1 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 the purchase of land and houses by the Sacco.

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