Real Estate Company Lesedi Denies Swindling Investors of over Sh1 Billion

Real estate company Lesedi Developers has issued a statement following reports that it swindled investors over 1 billion shillings.

Lesedi founding director Geoffrey Kiragu terms the fraud allegations against the company as unfounded and an “injustice to our company's reputation.”

While acknowledging that the company has faced challenges in meeting its obligations to clients, the director insisted that Lesedi has been procuring land and has overheads.

“Real estate is a business that provides opportunities for investors to own property. Like all other ventures, there are evolving difficulties. The allegations of scamming and conning people are ridiculous and completely untrue. We procure land and have overheads," the statement read in part. 

Kiragu assured his clients that the company would continue delivering on its promises given the right time, space and environment.

“We have conned no one. The amount of money alleged as what the company has illegally acquired from people is surreal…We have always been dedicated to delivery and we will continue to do so,” he added.

Among the disgruntled investors is Fidelis Njeri Thuku, who claims she lost Sh1.8 million after the company failed to deliver a two-bedroom bungalow at Jacaranda Ridge Estate in Juja, Kiambu as per their agreement.

Another investor told Nation that he paid for a 40 by 80 feet piece of land, only to find out later that the land available on the ground was 30 by 76. 

He also claimed that the ownership of the land in question was contested by another person who claimed to own it legally. 

The real estate company contracts celebrities including social media influencers, artists, and media personalities as its ambassadors.