By Kamau Muthoni | 1 month ago
The judge said the government or the Central Bank of Kenya did not owe the investors a duty of care [Photo: Shutterstock]
A 13-year search for justice by close to 40,000 victims of the country’s biggest pyramid scheme scam yesterday ended in yet another heartbreak.
After losing billions of shillings to shadowy pyramid firms between 2005 and 2007, victims from 45 counties gathered together, collected evidence for eight years, and prosecuted their case for five years. The 40,000 victims had lost about Sh4 billion in total in the questionable investment schemes. But the petitioners who went to court were just a fraction of Kenyans who lost Sh8 billion in the scam.
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THE STANDARD By
Kamau Muthoni |
February 26th 2021 at 00:00:00 GMT +0300
A 13-year search for justice by close to 40,000 victims of the country’s biggest pyramid scheme scam yesterday ended in yet another heartbreak.
After losing billions of shillings to shadowy pyramid firms between 2005 and 2007, victims from 45 counties gathered together, collected evidence for eight years, and prosecuted their case for five years.
The 40,000 victims had lost about Sh4 billion in total in the questionable investment schemes.
But the petitioners who went to court were just a fraction of Kenyans who lost Sh8 billion in the scam.
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Yesterday, their situation got worse after they lost the case against the government and asked to shoulder the cost the suit that has been in court since 2015.