Two Nairobi Men Arraigned for Defrauding Woman Ksh.15M in Fake Cryptocurrency Deal
Two men have been charged at the Milimani Law Courts for allegedly defrauding a Nairobi businesswoman of Ksh.15.36 million in a fake cryptocurrency investment scheme. The case, now drawing public attention, highlights the rising cases of cryptocurrency fraud in Kenya.
The Alleged Fraudulent Scheme
According to court documents, Jackson Apollo Ananda and Alvin Oduya Atieno are accused of obtaining USD 116,000 (approximately Ksh.15,360,000) from Tuyishime Grace on April 30, 2025, at the Serena Hotel in Nairobi. The suspects allegedly claimed they could help her invest and trade through Binance, a global cryptocurrency exchange platform.
The prosecution told the court that the duo, together with others not before the court, knowingly made false representations to the complainant to obtain the money under the guise of facilitating crypto trading.
Additional Charges and Legal Proceedings
Beyond the main charge of obtaining money by false pretences, the two face a second count of conspiracy to defraud, contrary to Section 317 of the Penal Code. Prosecutors allege that the accused conspired to misrepresent their trading capabilities to defraud the complainant.
Appearing before Magistrate Caroline Mugo, the suspects, through their lawyer, pleaded for leniency, arguing that they were not flight risks and were willing to comply with any bond terms.
The court directed that a pre-bail report be prepared before setting their bond terms. The case will be mentioned again on October 9, 2025, for a bail ruling.
Cryptocurrency Scams on the Rise
This incident adds to a growing number of cryptocurrency scams in Nairobi and other urban centers, where fraudsters take advantage of the public’s limited understanding of digital currencies. Authorities have repeatedly warned investors to exercise caution and verify the legitimacy of online trading platforms before engaging in transactions.
The court’s ruling on the bail application is expected to set the tone for how seriously the justice system will handle emerging financial crimes involving digital assets.
