Cytonn Investments Boss EDWIN DANDE almost lynched by investors within the court premises after allegedly conning them Ksh 14 Billion - Police had to whisk him away (VIDEO).

Thursday, September 26, 2024 - Drama unfolded within the court premises after angry investors accosted Cytonn Investments Chief Executive Officer Edwin Dande and threatened to beat him up.

The investors had turned up for the hearing of a case filed in the High Court after they lost Ksh 14 billion to the company through a dubious investment scheme.

They accused the CEO of being protected by the court and rogue police officers.

Police officers whisked him away after the situation escalated.

When launching operations, Cytonn ran glitzy ads in which it invited prospective investors to be “Cytonnaires’ and not regular millionaires.

Promising annual returns of up to 18 percent with minimal risk, Cyton drew thousands of middle-class Kenyans and wealthy investors from whom it raised billions of shillings.

For about three years, investors enjoyed the highest returns in the fixed-income world which Cytonn said was due to the elimination of middlemen such as banks by connecting savers with property developers directly.

Cytonn, however, went into a comprehensive default in early 2020, a move it blamed on the outbreak of the Covid-19 pandemic.

As the legal battles unfolded, it emerged that Cytonn’s founders had deliberately structured to shield the real estate assets from the investors.

Earlier this year, the High Court ordered the liquation of investment projects owned by Cytonn Real Estate to recover more than Ksh 14 billion the firm owes 4,000 investors.

Watch the video of the CEO being confronted by angry investors.

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

The Kenyan DAILY POST.