Kiambu investor of Lesedi Developers, a Kenyan real estate company, made Sh1 billion (approximately $10 million) by selling hope and hot air to innocent Kenyans through a scam. The investor, who has not been named, preyed on the aspirations and dreams of Kenyans looking to own a piece of land or a home, promising them affordable and high-quality properties that did not exist.
The scam began with the investor using social media platforms and local newspapers to advertise their supposed developments. The advertisements were flashy and promised prime locations, modern amenities, and affordable prices. The investor also used the company’s name, Lesedi Developers, to give the impression that they were a reputable and trustworthy developer.
However, the properties advertised did not exist or were not being developed. Instead, the investor was collecting payments from unsuspecting Kenyans and using the money for personal gain. Some victims paid as little as Sh50,000 (approximately $500) for a piece of land or a home, only to find out later that the investor had taken their money and disappeared.
The scam was exposed when a group of victims came forward to report the fraud to the authorities. The police launched an investigation and arrested the investor, who was charged with fraud and embezzlement. The investor’s bank accounts were frozen, and assets, including several properties, were seized.
The impact of this scam was devastating for the victims, many of whom had saved for years to afford a piece of land or a home. They were left with nothing and had to start over. The scam also damaged the reputation of Lesedi Developers, a legitimate company, and the Kenyan real estate industry as a whole.
In conclusion, the Kiambu investor of Lesedi Developers made Sh1 billion by selling hope and hot air to innocent Kenyans through a scam. The scam preyed on the aspirations and dreams of Kenyans, who were left with nothing but disappointment and financial loss. This incident serves as a reminder of the importance of being vigilant and doing proper research before investing in real estate or any other venture.