NMK Capital Investment Limited Directors Face Charges in Ksh 1 Billion Fraud Case

Seven directors of NMK Capital Investment Limited, a Nairobi-based company, have been brought before a Nairobi court, facing charges of conspiring to defraud the public of over Ksh 1 billion in a fraudulent real estate scheme.

The accused individuals, including Keeru Ngugi Mucheru, Amos Macharia Maina, Joan Gathoni, Fredrick Kariuki Makumi, Gidion Charagu Mwangi, Shiphira Wantui Kanyinti, and Agatha Wanjugu Mwaniki, along with NMK Capital Investment Limited itself, collectively face twenty-one charges related to conspiracy to defraud and obtaining money through false pretenses from numerous investors.

State prosecutor Virginia Kariuki presented the case before Milimani Magistrate Ben Mark Enhubi, disclosing that the accused allegedly defrauded the public of more than Ksh 1 billion through their deceptive real estate scheme.

Kariuki underscored the gravity of the case, emphasizing its substantial financial impact on unsuspecting members of the public.

A central allegation revolves around the accused enticing investors with promises of a 15 percent monthly interest on deposits ranging from Ksh 1.8 million to Ksh 5 million.

The prosecution contended that the accused collaborated with others to orchestrate this massive fraud.

Ngugi Mucheru, suspected by the police to be the mastermind behind the fraudulent real estate scheme, faces multiple charges related to obtaining money under false pretenses.

Specific instances were presented to the court where Mucheru purportedly obtained significant sums from individuals by falsely guaranteeing substantial returns on their investments.

During the ongoing proceedings, the prosecutor voiced concerns about Mucheru potentially fleeing and requested that he not be granted cash bail. Instead, she urged the court to impose stringent bond terms, requiring two substantial sureties and involvement of two senior government officials as contacts.

The court’s ruling permitted Mucheru to be released on a Ksh 20 million bond with a similar amount as surety, and he must provide one senior government officer as a contact. The other accused individuals were granted release on a Ksh 600,000 bond with an alternative cash bail of Ksh 300,000 each, and they are required to present two contact persons for court scrutiny.

The case is scheduled for mention on October 16, 2023, as the legal process unfolds to determine the fate of those implicated in this intricate fraud scheme that allegedly swindled unsuspecting members of the public of substantial sums of money.