This archive report was first published on 5 June 2020.
Urithi Housing Scandal: Investors Demand Justice as Management Goes into Hiding ¶
Urithi Housing, a prominent real estate company, is embroiled in a massive scandal after investors accused the management of embezzling hundreds of millions of shillings. The company's chairman, Samuel Maina, has gone into hiding as investors demand justice and the recovery of their money.
According to a report sent to Kenya Insights, Urithi Housing has failed to deliver many projects that they promised their investors, despite having received payments. The company has been accused of running a Ponzi scheme, with investors alleging that they were sold non-existent properties.
Investors who have been affected by the scandal have come together to form a group, where they are sharing their experiences and planning their next course of action. The group is working with media houses to conduct interviews, site visits, and prepare an explosive expose. They also plan to drag the management to the DCI and have them charged for obtaining money with false pretense.
Some of the projects that Urithi Housing has failed to deliver include Qwetos, Ruiru Oakland, Birmingham, Tola 3h, Tola 4, Juja terrace gardens, City edge, Nanyuki, Kingongo land, Nakuru houses, Own a room 2, Fish pond projects, and Most Gem projects not built. The company has also been accused of auctioning off projects that were already paid for, including Nyumba Mia 1, Panaroma, and Utange houses in Mombasa.
Investors who have been affected by the scandal have expressed their frustration and disappointment, with some even going as far as to say that they will not rest until they get their money back. One investor wrote, 'I invested in Sagana II Urifarm. They lied that they'll make up that access road and do a lot of stuff after we pay them. I paid 60% of the money and waited to see any effort on their side. When I saw nothing was happening I wrote to them last year demanding my money back...that's when I realized that these are heartless goons who conned us.'
Another investor wrote, 'I invested in City Edge and my Siblings. 12Pieces of Plots.. City edge/City edge re...'. The investors are demanding that the management be held accountable for their actions and that they be given a chance to recover their money.
Published on June 5, 2020, at 5:52 PM.
