Zambia head of Industrial Development Corporation boss Cornwell Muleya on the spot for shoddy deals with “Kenyan Billionaire” Investor busted as a fraudster in the USA
…he falsely presents himself as billionaire to lure unsuspecting individuals into investing in his dubious projects….
IDC CEO Mr. Cornwell Muleya met with US-based Kenyan alleged billionaire, Mr. Julius Mwale, and his delegation to discuss investment opportunities related to the introduction of the groundbreaking concept of Smart Cities in Zambia.
Mr. Mwale and his delegation were on a week-long visit to explore investment prospects in Zambia with the specific aim of replicating their visionary Smart City project in the country.
Muleya stated that this initiative takes inspiration from Mr. Mwale’s highly successful US$2 billion smart city project, known as Mwale Medical and Technology City (MMTC), which is situated near the town of Kakamega in western Kenya. That smart city has never taken off as had been touted in grand master-plans sold to unsuspecting retail investors.
But Mwale and his brother have been sued for defrauding a couple of $1.7million.
The Shaws claim that Julius Mwale and his wife received US$1.7 million from them in 2022 after they were misled into believing the money would be invested in a geological survey in the Democratic Republic of Congo.
The geological survey was meant to establish whether it would be fruitful to build infrastructure for a battery manufacturing plant in the area, and the Mwales assured the couple that the US$1.7 million would be regarded as a loan with a 20% annual return.
The presentations made by the Shaws also reveal that the Kenyan couple had falsely presented themselves as billionaires to lure them into investing in dubious projects.
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