George Maina Muriithi is accused of luring a businessman in October 2022 with a fake investment deal, claiming to sell 48,800 shares in the lodge company at Sh1,000 each. 

The Director of Mara Ndovu Lodge Limited has been arraigned at the Milimani Law Courts over an alleged Sh48.8 million fraud involving a bogus share sale.

George Maina Muriithi is accused of luring a businessman in October 2022 with a fake investment deal, claiming to sell 48,800 shares in the lodge company at Sh1,000 each.

According to the Directorate of Criminal Investigations (DCI), the complainant paid the full amount in two instalments to Muriithi after a formal share purchase agreement was signed on December 22, 2022.

However, the promised shares were never transferred.

“The suspect became elusive and never honoured the terms of the agreement,” the DCI said in a statement.

“Detectives established that the entire investment scheme was a sham.”

Muriithi pleaded not guilty to the charges with prosecutors opposing his release on bond, citing concerns that he might flee.

The court ordered that he remain in custody at Capitol Hill Police Station pending a ruling on his bond application, which is scheduled for July 15. By Phidel Kizito, Capital News