Kenyatta University lecturer George Maina Muriithi charged with Sh55.5million fraud
Maina allegedly defrauded Gitonga in a sham investment deal
A Kenyatta University lecturer and a director of Mara Ndovu Lodge Limited has been charged with fraudulently obtaining Sh55.5million from an investor.
George Maina Muriithi appeared before Milimani Magistrate Robinson Ondieki and denied obtaining the millions from Martin Gitonga Kamandu.
Maina is accused of defrauding Gitonga in a bogus share sale and a sham investment deal.
According to the charge sheet, with intent to defraud, Maina obtained Sh55,500,000 from Gitonga, on diverse dates between November 15, 2022 and January 15, 2024.
It is alleged that he stole the money from by falsely pretending that he was in a position to sell him 48,800 ordinary shares from Mara Ndovu Lodge Limited, each priced at Sh1,000, a fact he knew to be false.
The court heard that on diverse dates between November 15, 2022 and January 15, 2024 within Nairobi county, Maina obtained Sh.55.5 million from Otieno & Ambrose Advocate account 079700*** the property of Gitonga.
It is alleged that at the time of the said acquisition he knew or had reason to believe that the money formed part or was proceeds of crime to wit money acquired fraudulently.
Thereafter, Maina allegedly became unreachable and failed to transfer the said shares.
Gitonga later filed a complaint at Parklands Police Station whereby the police launched investigations and uncovered that a formal share purchase agreement was drafted on December 22, 2022, by Otieno & Ambrose Advocates on Maina’s behalf.
The agreement outlined the sale of 48,800 ordinary shares at the agreed price. The police determined that the funds were deposited in two instalments through the law firm but the shares were never transferred to the victim as agreed.
After he was presented before court, the prosecution opposed his release on bond, citing that he poses a flight risk.
Maina is facing similar charges before another court.
The court ordered Maina to be detained at Capitol Hill Police Station pending a bond ruling scheduled for July 15, 2025.
