Police in Ruia on Tuesday launched investigations into an alleged money lending fraud scheme that has seen unsuspecting Kenyans from various regions lose over Ksh300 million.
The mastermind behind the scheme who is said to be a businesswoman is being sought by the police after vanishing for more than a week without trace.
Ruia Police Commander Patricia Yegon confirmed that the authorities are investigating several cases tied to the scheme that were reported to the station.
“We have received reports of members of the Public who have been conned their money online. Currently, the Directorate of Criminal Investigation (DCI) has taken up the matter and is doing investigations,” the commander confirmed.
An image of Kenyan one thousand shilling notes in bundles
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According to the victims, estimated to be in hundreds, the suspect lured them into a scheme of investing millions of their hard-earned cash with promises that it could be later loaned out at an interest of 30 per cent to unspecified borrowers.
The interest from the loans would then be distributed to the investors supposedly at agreed periods. What made the scheme even more attractive was that investors who had saved in the scheme could borrow loans at 0 interest rate.
Early investors who got their interests referred their friends and the scheme grew bigger. As a result, the money lending fraud drew investors from Nairobi, Machakos and Kajiado counties.
Things started going south when victims pay outs were delayed and empty promises that made them suspect of a fishy activity going on.
Efforts by the victims to try to reach the suspect were futile as her cell phone was switched off. The victims tried to locate the businesswoman from where she resides, but their fear was compounded as they were told she had not been seen for a week.
That was when they decided to report the matter to the police immediately.
The victims are now in utter shock and disbelief following the incident as most of them had put their life savings into the scheme.
One victim lost Ksh5 million while another lost over Ksh500,000 in a period of 8 months.
It appears to be a common con trend in the country where unsuspecting Kenyans are lured into fraudulent money scams.
An image of a police vehicle spotted in Nairobi
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