David Kariuki Ngare, popularly known as Gakuyo, the founder of Ekeza Sacco, will remain in police custody until Monday next week as he awaits charges.
Gakuyo was arrested on Wednesday, February 21, in connection with numerous cases involving the defrauding of Ekeza Sacco members of over Ksh.1 billion.
Appearing in court on Friday, a ruling was made on a miscellaneous application by investigating officers seeking permission to detain him for an additional four days. This extension was to conclude investigations and await consent from the office of the Director of Public Prosecutions (DPP) to press charges.
The court, considering the progress of investigations, granted the request for an extra day in custody. Gakuyo is scheduled to appear in court on February 26 to face the charges.
Ekeza Sacco faced deregistration in March 2018 by the Commissioner of Co-operatives, pending investigations and an audit of the Sacco’s accounts. This move caused confusion and anxiety among the Sacco’s 53,000 members regarding the safety of their savings, a concern that persists nearly six years later as they await refunds.
In March 2019, the financial investigations unit at the Directorate of Criminal Investigations (DCI) headquarters commenced inquiries into a reported large-scale fraud scheme.
Upon completion, the Office of the Director of Public Prosecutions (ODPP) approved charges on December 8, 2023, which include conspiracy to defraud, stealing, and obtaining money by false pretenses.
