Two traders have been charged with obtaining Sh13.8 million from forex investors.
Timothy Iguta Macharia and Norah Gatugi Micheni appeared before Milimani Principal Magistrate Mutahi for allegedly obtaining the money by claiming they were in forex business. They denied the fraud charges.
The prosecution told the court that they obtained the money from Stacey Kabura Njoroge, with intent to defraud.
The charge sheet stated that they committed the offence on diverse dates between September 2025 and February 2026 in Nairobi County.
According to the prosecution, the traders obtained the money by pretending that they would be remitting a 10 percent interest from the principal amount every month, a fact they knew to be false.
The court heard that between September 2025 and February 2026 in Nairobi County, they deposited the money into their bank accounts at Stanbic and KCB, as well as Safaricom Mpesa account numbers registered, while aware that they were proceeds of crime.
It is further alleged that they obtained another Sh1.5 million during the same period and claimed that they would pay the investor 15 percent of the principal amount every month, a fact they knew to be false.
They were released on a bond of Sh2 million.
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