Prosecuting Counsel Ms. Kaaria Joy Kawira told the court the accused persons obtained
over 80 million shillings from 79 complainants while pretending the amount
would earn a monthly return on interest on the amount invested, a fact they
knew to be false.
The accused persons obtained the money on diverse dates between 3rd March 2023
and 30th August 2024 at an unknown place within the Republic of Kenya.
They were also charged with carrying out business as a collective investment
scheme without a valid license issued by the Capital Markets Authority or
Central Bank of Kenya and conspiracy to defraud contrary to section 317 of the
penal code.
Court heard that on diverse dates between 3rd March 2023 and 30th August of the
following year, the accused persons represented as genuine sole proprietors of
Passy Ma Trevor investment scheme carried out a business as a collective
investment scheme without a valid license.
They pleaded not guilty to the charges before Makadara Court Principal
Magistrate Erick Mutunga.
The prosecution opposed their release on bond pending the hearing and determination
of the case.
In an affidavit to oppose bond, investigating officer Justin Mutwiri said the
accused persons went into hiding when the complainants demanded their
return on investment and later switched off their mobile phones whereby it took
intensive use of intelligence tactics from different agencies to smoke them
from their hideouts deep inside Machakos County.
The investigating officer further told the court the suspects are likely to
interfere with major witnesses, don’t have a fixed abode, and are a flight
risk.
The victims' lawyer also asked the court not to release the suspects on bond.
Court will on 13th November 2024, rule on whether to release accused persons on
bond.
The Kenyan DAILY POST.
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