The founder of a company known as Church Blaze Group, identified as Isaac Muthui is currently under investigation by both the DCI and the Capital Markets Authority over what is suspected to be a con scheme under the guise of investment in an alternative currency.
According to a report by The Standard, Isaac Muthui is accused of conning a total of 11, 000 victims up to Ksh2.7 billion. Muthui has however refuted the claims, despite two of his directors identified as Douglas Munga and Amos Kisilu confirming the allegations.
Muthui who has been described as a self-styled pastor admitted to never ministering at any church. The two directors who recorded statements with the DCI revealed their reasons for resignations while resolving to be silent partners.
Kisilu accused Muthui of going into a spending spree and leaving them out of the decision-making table after convincing the two investors, to commit themselves.
“I resigned when I realized he was running the company without our involvement,” Kisilu is quoted to have said.
Kisilu also claimed to have made a move on his suspicions and confronted Muthui after he realized that Muthui’s started to display a 180-degree lifestyle upgrade. However, he said he was met with “Church Blaze is my own small kiosk” remark.
Muthui is reported to have procured a new home address in New Muthaiga, and purchased a Toyota Land Cruiser VX, in a move he defended as keeping up the image of a chief executive officer.
The Capital Markets Authority confirmed it was seeking Muthui to answer to charges of irregularly collecting funds as according to Kenyan laws such as fundraising without necessary approvals from Commissioner of Cooperatives was not accounted for.
The Church Blaze Group is under probe for suspicious dealings in a cryptocurrency scheme that has a total of 11, 000 victims throughout the past four years. Muthui is reported to own at least 2, 286 shares among 12 ordinary shareholders, away from Kisilu, Munga and Titus Kaswi Muia.
When Muthui was reached for a response he denied he had collected the Ksh2.7 billion as was alleged by insiders employed to handle finances.
“Yes, we collected money, but it was not that much. I cannot tell you how much it was,” Muthui said.
He claimed that none of the investors were coerced to entrust him with their money and even then, he saw nothing wrong in raising funds from the public.
“This is a case of a Chama (informal cooperative), which owns the company Church Blaze Group Limited,” he is quoted to have said.
Moreover, the publication revealed the Church Blaze head offices and regional offices were shut down after all its employees were let go. A few investors confirmed buying shares over extended periods of time as Muthui showed much promise.
Muthui, who blamed the closures on failed investments is quoted to have said ”We were under-capitalized, meaning we could not continue as planned.”
Muthui also indicated that he was puzzled by why people were allegedly attacking him for creating a technology company in which its subscribers would be specifically selected from Christians globally and form a core market for other platforms.
