Nairobi man charged with fraud conspiracy in Ksh.29 million fake gold deal

Fred Obach Oliech was arraigned over claims that he conspired with another person not before the court to defraud Kais Lahyani, acting on behalf of Oro Trading FZE LLC, of USD 225,100 by falsely claiming he was in a position to sell gold.

According to the charge sheet, the alleged conspiracy took place between June 23 and June 25, 2026, at unknown locations within Nairobi County.

The prosecution alleges that Oliech and his accomplice falsely represented that they could supply 150 kilograms of gold, knowing the claim to be false.

In the second count, Oliech is accused of obtaining USD 225,100 in cash from Lahyani on June 25, 2026, at Ridgeways in Nairobi by falsely pretending that he could sell 25 kilograms of gold to Oro Trading FZE LLC. The prosecution says the representation was false and was made with intent to defraud.

He also faces a third count of acquisition of proceeds of crime contrary to the Proceeds of Crime and Anti-Money Laundering Act.

Prosecutors allege that on the same day and at the same location, Oliech received the USD 225,100 in cash knowing, or having reason to know, that the money was or formed part of the proceeds of crime.

Appearing before Magistrate Teresiah Nyangena, he pleaded not guilty and was granted cash bail of Ksh.2 million.