The Director Mara Ndovu Lodge Limited George Maina Muriithi was arraigned at the Milimani Law Courts, for defrauding an unsuspecting victim out of Sh48.8 million in a sham investment deal.
Appearing before the Milimani Law Courts, Muriithi pleaded not guilty to the charges against him.
Detectives opposed his bond application, citing concerns that the suspect may be a flight risk.
As a result, the court ordered Muriithi to remain in custody at the Capitol Hill Police Station, awaiting a ruling on his bond application, which is scheduled for July 15, 2025.
According to a report filed at Parklands Police Station, Muriithi approached the complainant in October 2022 with what appeared to be a lucrative investment opportunity.
He claimed to be selling 48,800 shares in Mara Ndovu Lodge Limited, each priced at Sh1,000, amounting to a total of Sh48.8 million.
Captivated by the prospect of this investment, the complainant deposited the sum as agreed but the suspect became elusive and never transferred the shares.
Taking up the matter, Parklands detectives initiated a thorough probe.
They uncovered that on December 22, 2022, a formal share purchase agreement was drafted by Otieno & Ambrose Advocates on behalf of Muriithi.
This agreement stipulated the sale of 48,800 ordinary shares at the agreed-upon price to the complainant.
The complainant deposited the agreed amount in two installments through Otieno & Ambrose Advocates, the suspect’s lawyer. However, despite the complainant fulfilling his end of the deal, Muriithi failed to transfer the shares as per the agreement.
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