Cytonn CEO Edwin Dande Meets Fraud Victims Outside Court Following Allegations Of Ksh. 14 Billion Scam
Cytonn Investments CEO Edwin Dande faced a tense moment outside the Nairobi courts today as he met with victims who claim to have lost millions in an alleged Ksh. 14 billion fraud involving the investment firm. The encounter came after Dande appeared in court to respond to charges connected to the alleged financial scandal.
A crowd of aggrieved investors had gathered at the court premises, many of whom have reportedly been waiting for justice since 2021, when the scandal first surfaced.
Today we have a physical court session for the cytonn matters all creditors kindly come listen to the shenanigans by this conmen @ehdande and his team pic.twitter.com/VnNvDf41uK
— kioko Nguti (@miamoreazure) September 25, 2024
The victims, some holding placards demanding compensation, expressed frustration over the pace of the legal proceedings, with many accusing Cytonn of misleading them about the safety of their investments.
Dande, who has denied the allegations, engaged in a brief exchange with the victims. While promising that the company is working on resolving the matter, he reiterated that the legal process should be allowed to run its course. “We understand the concerns and frustrations of our investors, and we are committed to addressing these issues,” he stated.
The Ksh. 14 billion scandal centers around claims that Cytonn lured investors with promises of high returns, only for the funds to be mismanaged or lost. The victims, many of whom are retirees or middle-class Kenyans, say they were led to believe their investments were secure.
The court case, which began earlier this year, has garnered widespread attention, with many seeing it as a litmus test for the regulation of Kenya’s investment sector. Dande and Cytonn maintain that the accusations are part of a larger misunderstanding regarding investment risks, while the victims argue that they were misinformed about the true nature of the investments.
The case is set to continue, with many eagerly awaiting the court’s decision as the victims seek restitution and closure for the financial losses they have suffered.
We will not allow fraudsters to use the court process to frustrate creditors … never Hii pesa sio ya mama yake pic.twitter.com/D5n6OE7Pft
— kioko Nguti (@miamoreazure) September 25, 2024
