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February 27, 2020 - 00:55
Cyprian Is Nyakundi
Front News

Diamond Property’s Sh300 Million Investment Scam

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Kenyan Bulletin is committed to always be your favourite source of information, the most valuable and powerful tool in this era and we are advising our fans and readers to avoid Diamond Property Merchants.

Part 3 of 3: Photos And Why You Need To Avoid Diamond Property Merchant

These folks have swindled investors cash in almost, if not all, of their so-called projects. Remember when hundreds of local Investors cried foul over their unpaid money owed to them by a local agribusiness Venture in the wilderness investment dubbed Bethany phase 3 in Kajiado County?

To join the business, each investor was required to Purchase land for agribusiness purposes with the help of Diamond Property Merchants. Each customer bought an eighth of land each at a cost of Sh 450,000. Furthermore, they were required to remit extra Sh 290,000 for helping to construct and erect greenhouses.

On paper every member of the Kajiado land project owns a piece of land, many of them in that particular project is yet to receive their title deeds for their 1/8 acre each for the land they bought

“We are disappointed that although were promised better deal to make some good money out of the project, it has become an embarrassment and disbelieve. The project has brought financial tribulations because some of us took loans to join it yet there is nothing to show for it”, says one member who feared being mentioned his name as he is also engaged in another phase on the land

Bethany phase 1 project is among the 5 phase projects owned by individuals who purchased the land with the help of Diamond property merchant to start agribusiness in a group in Kajiado.

“I was one of the 900 employees that working at Bethany project phase 1 on contractual terms before shifting to moved phase 3 of the 5 phases of the projects by diamond property merchants. I could not stand the challenges of the project and opted to shift”, says Richard Matelong

No photo description available.
One of the showroom greenhouse that Diamond Property Merchants used to bluff investors

The project was a mess and Diamond property General Manager Edwin Khiranga was forced to admit that there were some delays in having adequate water but he says since May last year the project has had adequate water. The polite way of saying we lied to you folks.

“We had challenges in Phase 3 because of the huge demand and positive reaction by the market, but we invested money including buying adjacent plots that had boreholes to shore up our water supplies.”

People actually lost their money and tried to use COFEK to air their views and frustrations. COFEK tried following up but later on, went silent. Did Diamond property merchants buy the silence of their critics? Why did COFEK lose interest along the way? Where is DCI?

COFEK released a report about the much rather increased complaints about the fraud carried out and a fleecing scheme executed by DPM.

“We have met with the management of Diamond and we have also met with investors to gather and I think there’s something that hasn’t gone right. They need to come out and clearly chat the way forward to investors”, says Cofek Secretary-General Mr. Stephen Mutoro.

DPM has managed to cripple Nguzo International which was not able to meet the financial obligations with the investors. Only Sh49 Million was refunded and at one time Investors were begged not to take the law in their hands as the battle between Diamond Property and Nguzo International takes an ugly turn with a case filed with the Commercial courts.

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