Geoffrey Kiragu: Lesedi Developers CEO Made Ksh1 Billion Selling Nonexistent Land

Geoffrey Kiragu PHOTO/Courtesy

Lesedi Developers founder Geoffrey Kiragu has been exposed as a con.

A report on Nation indicated that the company has forced its victims into bank loans after selling them nonexistent plots in Nakuru, Kiambu and Juja.

Kiragu who gets his clients through campaigns running on vernacular radio and TV stations has been accused of conning unsuspecting clients up to Ksh 1 billion.

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Last week, investors who had been duped into the scam stormed Lesedi Developers offices in Thika demanding a refund of their money.

However, it was established that Kiragu has a tendency of issuing bouncing cheques whenever he is asked to make a refund.

The investors stormed the office after the police failed to arrest Kiragu even though they had made numerous complaints on the same.

Among those who have lost their money through investing in Lesedi Developers is Festus Waigwa who learnt about the company through social media.

Waigwa went for a 40-by-80 plot in Juja and he was required to pay Ksh 30,000 deposit and clear the total amount, Ksh 320,000, within three months.

However, upon completion of paying the total total cost of the land, he noticed that the plot of land was 30-by-76.

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“I had no grounds to doubt them because the deal looked real and famous people were advertising their projects. I thought they had done due diligence on the company before embarking on influencing their fans to buy the property

“Worse still, after completing paying for the land in March last year and visiting the plot that I had been shown and reassessing the land, I noticed that the plot was 30-by-76 and not 40-by-80 as agreed in the contract,” Waigwa said.

Ironically, as earlier reported on WoK, Kiragu addressed the issue of crook investors running scams in the real estate business.

He said;

“For example, if you acquire a plot with XYZ developer, you must endeavor to set up a small development such as a fence or a pit latrine. Failing to do this creates loopholes through which mischievous developers perpetrate illegalities such as double plot allocations.”

Amid claims of conning unsuspecting land buyers, Kiragu has registered a new land-selling company dubbed, Tunza Realtors Limited.

The company is selling land in the same area as Lesedi Developers raising eyebrows.

Kiragu insists that there is nothing wrong with owning two companies, adding that issues between Lesedi and its investors should not be associated with the new company.

“The issue between Lesedi Developers and its investors should not be associated with Tunza Realtors, which I co-own with another investor. On the Lesedi issue, we are having challenges with the people who sold land to us but are optimistic the matter will be settled soon

“I agree we have sold land almost worth Sh1 billion and we are sorry for the confusion to the investors. With time, we will deliver,” Kiragu said.

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