The Office of the Director of Public Prosecutions (ODPP) has charged a Nairobi businessman over an alleged Ksh15.1 million investment fraud.

🇰🇪 Breaking It Down

The businessman was arraigned before Makadara Law Courts Senior Resident Magistrate Stephany Bett, where he pleaded not guilty to three charges of conspiracy to defraud, obtaining money by false pretences, and possession of proceeds of crime.

The court heard that the accused, together with others, allegedly conspired to obtain Ksh15.1 million from a complainant by falsely claiming they were capable of investing the money in a business venture.

According to the prosecution, the alleged offences took place between May and October 2023 at Drive Inn in Starehe Sub-County, Nairobi.

📌 What You Need to Know

In the second count, the businessman is alleged to have obtained Ksh5.1 million from the complainant, together with others, through the same representation that the money would be invested in a business venture.

The third charge against the businessman alleges that he knowingly possessed the Ksh5.1 million while aware that it constituted or formed part of proceeds of crime.

The case comes against the backdrop of efforts by Kenya's anti-graft agencies to intensify investigations and prosecutions of money laundering and corruption cases, amid increased international scrutiny of the country's anti-money laundering framework.

In addition, the renewed commitment followed a high-level strategic meeting between the Ethics and Anti-Corruption Commission (EACC) and the Office of the Director of Public Prosecutions (ODPP) held at the Kenya School of Government on Tuesday, July 14.

The agencies agreed to strengthen collaboration in investigating and prosecuting corruption and money laundering cases, commonly referred to as ‘washing’ dirty money, through improved coordination between investigators and prosecutors.

Further, the charges against the businessman stem from an alleged investment arrangement in which the complainant is said to have handed over the money after being assured it would be invested in a business venture.

📰 Source: Kenyans.co.ke