Investors in the ailing Cytonn Investments have come out to air their frustrations, calling out the CEO of Cytonn, Edwin Dande for frustrating their efforts to access the millions of shillings they invested in the company.
Cytonn, once a vibrant real-estate and investment company, ran into financial storms leaving hundreds of investors with nowhere to turn to recover their money. They blamed Edwin for lying to them so that he could steal their hard-earned money.
“All we want is our money. Edwin Dande has clarified that he is not willing to pay back our money. For years, he has been using the justice system to delay the efforts by investors to get their money back,” said Captain J.B Matheka, an investor who lost millions in Cytonn.
The investors have said that Edwin has been blocking the liquidation of the company despite court orders to do so so that investors can get their cash back. They say Dande continues to use their investments to enrich himself as they suffer.
“So many investors have sunk into depression. Some who took all their pension and invested into Cytonn have been left without any coin after they were swindled. This was a fraud from the first day. At least 2 investors have died out of depression, one had invested 45 million shillings,” he added.
They are also blaming Dande for trying to frustrate Superior Homes’ efforts to try and save the investors. Superior Homes is another real-estate company that Edwin Dande has shares in and has shown interest in saving the investors of Cytonn from the agony they are in.
They say Edwin is planning to use the legal system to frustrate Superior Homes’ efforts to pay them part of their money. “He has discovered loopholes in the Kenyan judiciary that make him delay his dark dealings coming to the surface.”
They also say Dande has been deleting the records of their investment into the company.
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