Dirty deals by Kisumu property surveyor exposed – Weekly Citizen

Red flag has been raised over fishy operations by crooks at a valuation and real estate consultancy company said to be working in cahoots with corrupt bank officials in Kisumu to defraud unsuspecting clients seeking their services.

Investigations by Weekly Citizen has exposed a worrying trend where some officials working with Real Appraisal Limited collude with bank officials to stage-manage delays in valuation process for customers looking for bank loans.

It has emerged that the crooks are creating unnecessary delay as they demand for heavy kickbacks before any transaction is made.

”The nature of the game is that,they first demand for some small cash but eventually people end up losing a lot of money after being taken round before the actual valuation report is made” lamented one of the victim who did not want to be named.

The trend is said to be rampant at Absa bank Kisumu branch and one Daniel Madegwa from Real Appraisal limited has been identified as the chief player in the money minting racket.

Real Appraisal Limited was registered in 2006 and has been in operation since, starting with the first office in Nairobi and later opening branches in Eldoret, Kisumu and Nyeri.

Madegwa is said to be the ringleader of a sophisticated fraud involving processing of fake tittle deeds during land valuation.

In numerous cases, Madegwa and his group have arm-twisted land owners into the lucrative deal by encouraging their clients into processing questionable tittle deeds for the extra land that remains after the exact size intended for valuation by the bank is covered.

At one point he was overheard boasting that he was fully insulated from any possible punishment as the trade was a network of powerful people including bank managers who were beneficiaries of such ill gotten cash.

In the meantime a section of irate clients in Kisumu are feeling duped into joining Absa bank following what they describe as endless corruption stories involving top officials at the troubled financial institution.

Contrary to what the central bank and the President approval that banks would offer loans to affected businesses and loyal clients, Absa bank has turned blind eye and instead its credit officials have turned the situation into a money minting scheme.