Investors Stage Protest After Company Vanishes With Their Millions

A signpost indicating that the parcel of land is for sale.
A signpost indicating that the parcel of land is for sale.

Investors in Thika town Kiambu county took to the streets on Saturday, January 7, demanding justice after a land-buying company allegedly conned them millions of shillings.

According to some of the investors, the company had taken them on a wild goose chase when they tried getting their money back.

Armed with placards and megaphones, the investors chanted attracting the attention of passersby.

"You sacrifice your money to buy a piece of land but the company has just been postponing the process," one investor complained.

A signpost showing land for sale
A signpost showing land for sale.
Land in Kenya

They added that the company had promised to issue title deeds within two weeks before the August 2022 General Election, but that pledge was never honoured.

"We are asking the government to look into this matter and ensure that other Kenyans do not lose their money in the same way. I have intel that the company is planning to rebrand, this means that those who bought land initially will potentially lose their money," another lamented.

In 2017, Bishop Gakuyo of Gakuyo real estate firm was on the receiving end after thousands of investors claimed they lost billions while trying to buy land with his then-famous firm.

The tycoon was ordered to refund over Ksh2.5 billion to people who had invested with his firm.

Kenyans planning to buy land are urged to be cautious and avoid falling into traps set by fraudsters masquerading as genuine firms. 

It has been established that many Kenyans make several mistakes while buying land consequently losing their money which, at times, runs into millions.

Most common mistakes include trusting questionable land-selling companies or failing to do due diligence.

Additionally, other people pay for the land without verifying the validity or ownership of the land in question. Each land on sale ought to have the relevant documents.  

Bishop Gakuyo addresses a gathering in Kiambu in 2018