Eldoret Town in Uasin Gishu County is increasingly becoming the epicenter of investment scams in Kenya with the latest involving around 300 residents counting losses running into millions of shillings after a man who claimed to be an online trader disappeared with their investments.
The investor identified as Ambrose Ambuti Makech, now wanted by the police, established an online trading company named Springmak Investment Limited in Eldoret Town in 2019.
However, after enticing residents with the promise of substantial returns, the company quickly collapsed, and the investor disappeared, leaving his clients in financial distress.
Speaking to the media, Charles Kiplang’at, one of the victims, said Uasin Gishu is full of scammers, starting with the political class.
“Invested Ksh3 million. I took money from my siblings, husband, and child and gave it to Ambrose. Now he has gone missing with all the money. The documents are here, written Springmak; it was opened in Eldoret Town. We were going to his office; he had all the equipment, including the cash counting machine,” Janet Watakila, one of the victims, said.
The victims revealed that they were attracted by the lucrative offers promoted in local churches around the town. Ambrose had visited several churches, using trusted religious leaders to convince their congregations to invest in his company.
“He went to the churches and told the bishops to advise their followers to invest in Springmak so that they can get 18% interest. He used the church to get money; these people you are seeing here are from different churches in Eldoret,” William Getumbe, another victim, said.
How Eldoret Residents Took Loans to Invest
Drawn by the promise of high returns, many people rushed to borrow loans and invested in the company.
Getumbe said the victims were promised a monthly interest rate of 18% with the chance to withdraw the funds after six months.
“Here are all my documents which show that I invested there. We were given an interest rate of 18% monthly, and he was to return the money after every 6 months. After investing the money, it got to a point where everything stopped. He said that his trading platform had been hacked,” he said.
“As we speak, I’m in big trouble. I have a huge debt at Equity Bank. It has gotten to a point where the auctioneers are supposed to take everything, including my car.”
Also Read: Parents Cry After Losing Millions in Another Scam in Eldoret
Another victim revealed that she took loans from Cooperative and Equity Bank. She said the two banks are on the verge of auctioning her properties.
“Right now, they have come to auction my properties. My children in various higher institutions of learning are stuck at home,” she said.
As such, the victims have resorted to street demonstrations, hoping for a return of their hard-earned money. They have also accused the authorities of being sluggish in apprehending the suspect.
“We have gone to the police; they have helped us, but Ambrose is still free, going around Eldoret with cars. He has built houses while we are suffering,” Watakila said.
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Ambrose Explains Why He Can’t Show Up
In a phone conversation with one of the victims, Ambrose pleaded for patience, claiming he was in the process of refunding the over 300 victims.
Ambrose argued that he had been hospitalized for over two months and could not afford to show up due to the tensions.
“I have been in the hospital for two and a half months; nobody knows what I was going through. I didn’t communicate because I was in the mental unit, and there was nothing I could do. I was discharged about three weeks ago. There are only two things that can happen if I show up right now: I will be arrested or killed,” Ambrose said.
In February, a magistrate court in Eldoret ordered the arrest of Ambrose after he failed to appear for a plea in January. He has been hiding to date.
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