Bidsworth Autorent Company director has been charged with defrauding investors over Sh 36 million in a non-existent investment opportunity.
Keeru Ngugi Mucheru alias Gedion Magu Ngugi is charged alongside his company, Bidsworth, with obtaining from Ng’enda Location Ranching Company Limited Sh 30 million by falsely pretending that he could invest in Bidsworth namely and give the Ranching Company a 15% monthly interest, a fact he knew to be false.
The accused is alleged to have committed the offense on diverse dates between 1st and 9th February 2023 at Nairobi Central Business District, with intent to defraud.
Mucheru is also accused of obtaining different amounts of money ranging from Sh 300,000 to Sh 2.9 million from five other investors between November 2022 and April 2023.
He denied the charges before Senior Principal Magistrate Robinson Ondieki and was released on a cash bail of Sh 500,000.
Bidsworth Autorent Company was implicated in a pyramid scheme in 2023 alongside Mucheru’s other company NMK Capital Investment Limited.
This is after the Directorate of Criminal Investigations received numerous complaints from Kenyans on how they had been defrauded of their hard earned money.
According to the DCI, more than 5,000 investors had been ensnared in a six-month contract with NMK, with a minimum investment requirement of Sh 50,000.
According to the DCI, participants were promised a 15 percent compounded interest on their investments, which they could redeem after six months.
However, when the six-months timeline elapsed, the investors were shocked to realize they had been dupped.
