Rev. Gakuyo Responds To KTN’s “Exposé” Of Vicious Sacco Housing Scam.

Rev. Dr. David Kariuki Ngare (Gakuyo).
Rev. Dr. David Kariuki Ngare (Gakuyo) has dismissed as falsehood and political witch-hunt, an exposé by KTN and The Standard Media Group which claimed that about 7,000 Kenyans could have been duped into losing cash savings in excess of Sh3 billion in a housing scheme under the scheme christened Gakuyo Zero Deposit (G zero D) programme.

Speaking during an interview with a vernacular radio station on Wednesday morning, Rev. Gakuyo said that the programme by KTN failed to meet the threshold of proper investigative journalism but instead ended up to be a ploy geared towards maligning his name and eventually collapse his business empire.

He equated the attack on his investments to last year’s case scenario of the collapsed Chase Bank where the report on its collapse led to very many of its customers to withdraw their savings, an activity crumpled the institution.

“You see, by instilling fear among our investors, KTN just wants to create a situation where those who have deposited money with us will demand to withdraw their money en masse thus collapse the institution. It is good to note that we do not keep money with us. Most of the money we receive is out there with people in form of loans,” explained Gakuyo.

Otherwise, Gakuyo assured their customers that both Ekeza Sacco and Gakuyo Real Estate were intact and there was no need to worry. He added that those who felt unsafe with their investment being in especially Ekeza, to instead come to their offices and borrow three times their savings.

“Rather than withdraw your savings, I advise those who feel unsafe to instead come and borrow loans amounting to three times their savings. In that way, it will be them owing us and not the vice versa. In fact all our offices are open for anyone to ask any question,” he said.

Terming those who appeared on TV as imposters, Gakuyo said that none of these accusers had come to their offices to complain.

“By the way, that man who appeared on TV saying that he had lost his money is a known conman. Records at our disposal show a different person from the lady who claimed to be one of the people who lost money with Ekeza.”

He admitted to have been betrayed by some of his former employees who he claimed were contracted by some other forces to distort confidential data in order to discredit the company.

“I employed some of these people after their businesses collapsed. I don’t know if they did whatever they did out of envy or after some financial inducement but I can confess now that employing someone whose business has failed is quite a risky affair,” said the Reverend.

He also accused some personalities within the media who he had contracted to advertise his businesses of turning their back on him later to discredit his businesses after receiving some money from my rivals.

“For all that time, they have been broadcasting that we are selling ‘mburoti maguta maguta’ (very ideal plots) to now shout themselves hoarse claiming that we are a fraud? They even attested to being witnesses of the success stories then. What has changed now? What I can tell you is that they have been bribed to kill my business,” lamented Gakuyo.


He concluded by saying that he was working closely with the CID department to get to the root course of the whole matter. He warned anyone using social media platforms or any other means of communication to discredit him or his businesses, that they would be held responsible for their utterances in case they were required to substantiate their claims with the police.
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