Detectives from the Directorate of Criminal Investigations (DCI) in Eldoret are in pursuit of a businessman who has allegedly swindled depositors out of millions of shillings in a fake investment scheme.
The Eldoret-based trader and proprietor of Spring Mark Investment is said to have duped unsuspecting investors into believing that he could help them grow their money fast before going underground.
Police on Monday said the suspect ran the pyramid scheme in offices located at Meadows building within Eldoret’s central business district before disappearing in 2023.
Among those who fell victim to the con game include prominent traders, university dons, doctors, gospel artists, civil servants, Jua kali artisans, cereal farmers, churches and tertiary institutions.
The suspect, police told the Nation , went into hiding after he got wind that detectives from Eldoret Central Police Station were looking for him in connection with the multi-million-shilling investment racket.
Uasin Gishu County Criminal Investigation Officer Daniel Muleli on Monday said they had made headway in their manhunt, without giving details.
“Some of the victims lost their money running into millions after being promised that they would receive huge returns from the pyramid scheme,” said Mr Muleli.
Mr Robinson Makokha, a businessman in Eldoret town, for instance, deposited Sh708,000 with the pyramid scheme after he was promised that the amount would grow at 17 per cent interest per month.
He told the Nation that the Ponzi scheme left him poor because he did not earn any interest on the money he invested.
“I was relying on it to grow my business but now I have been left in debt. I am stressed and only hope the guy will be arrested soon so that I can be refunded my money,” said Mr Makokha.
Another victim who declined to be named said that he pumped Sh1.2 million into the scheme in the hope that he would use the profit earned from the venture to expand his matatu business.
“I have three PSV vehicles that I operate between Eldoret and Nakuru route and I had planned to increase my fleets with additional two Nissan matatu vehicles from the profit margin I had been promised that I would earn from the money I paid in the scheme,” he added.
He petitioned police to expedite investigations into the matter to arrest the prime suspected swindler to enable them to get justice.
“We have been coming here at the DCI in Eldoret since January to check on the progress of the police investigations but to our dismay, we are told the suspect is yet to be arrested,” he said.
He wondered why detectives were taking so long to bring to book the suspect after they provided vital information, including his cell phone numbers, which are active.
When the Nation visited Spring Mark Investment offices on Monday, we were informed that they had closed down more than three months ago due to non-payment of rent.
However, those interviewed said the suspect relocated to an unknown place to escape depositors who have been frequenting the office demanding a refund of their money.
“The investor, who was a guitarist in one of the local churches in Eldoret, had a character of a gentleman full of compassion but little did we know that he was out to swindle people out of their money,” said one of the traders within the premises.
Interviewed church members said the suspect was a committed member of the Praise and Worship team where he played guitar.
A pastor of a church where he has been fellowshipping distanced himself from any association with the suspect.
