The Sh48.8 million fake investment scheme

BY ERIC ABUGA

A police report says George Maina Muriithi claimed to be selling 48,800 shares in Mara Ndovu Lodge Limited, each priced at Sh1,000.

Muriithi, a Director with Mara Ndovu Lodge Limited had approached the complainant in October 2022 with what appeared to be a lucrative investment opportunity.

The report had been filed at Parklands Police Station before the accused was arraigned before the Milimani Law Courts, for defrauding an unsuspecting victim out of Sh48.8 million in a sham investment deal.

"The complainant had deposited the sum as agreed but the suspect became elusive and never transferred the shares," the police report says. 

Taking up the matter, Parklands detectives initiated a thorough probe. They uncovered that on December 22, 2022, a formal share purchase agreement was drafted by Otieno and Ambrose Advocates on behalf of Muriithi. 

This agreement stipulated the sale of 48,800 ordinary shares at the agreed-upon price to the complainant.

Detectives say; "The complainant deposited the agreed amount in two installments through Otieno and Ambrose Advocates, the suspect's lawyer."

However, despite the complainant fulfilling his end of the deal, Muriithi allegedly failed to transfer the shares as per the agreement.

Appearing before the Milimani Law Courts, Muriithi pleaded not guilty to the charges against him. 

Detectives opposed his bond application, citing concerns that the suspect may be a flight risk. As a result, the court ordered Muriithi to remain in custody at the Capitol Hill Police Station, awaiting a ruling on his bond application, which is scheduled for July 15, 2025.