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Kakamega Man Charged with Defrauding Investors of Ksh 9 Million
"Your honour, my client is not a flight risk, and I assure this court that he will appear before this court whenever required," the lawyer said.
A man was charged at the Milimani court with obtaining over Ksh 9 million from different individuals by pretending to help them invest in the stock market.
Fabian Magangi appeared before the Principal Magistrate Caroline Mugo, facing 22 counts of obtaining money by fraudulent means, and the acquisition and use of the proceeds of crime, which is against the law.
He was also charged with operating a collective investment scheme, Kestrex High Trades, without a licence.
The court heard that on diverse dates between March 1 and 30, 2026, at an unknown place within the Republic of Kenya, the said business was carried out without a licence.
Between March 1 and 4 this year, jointly with others who were not before the court, he obtained Ksh 4,179,876 from Michael Kaukhu by the use of fraudulent tricks.
In another count, he obtained Ksh 1,256,000 from John Kirimi and Ksh 1,422,000 from Fredrick Rutto.
He denied the charges and, through his counsel, prayed to be released on lenient bond terms, citing that he would comply with the rules to be set by the court,
“Your honour, my client is not a flight risk, and I assure this court that he will appear before this court whenever required,” the lawyer said.
The lawyer added that the accused is an orphan living in Kakamega and urged for mercy while setting the terms.
State prosecutor Irene Magoro did not oppose the release of the accused on bond, but she urged the court to grant the terms commensurate with the offence.
In determination, the Magistrate granted him a bond of Ksh 1 million with a surety of the same amount or alternative cash bail of Ksh 500,000 with two contact persons.
The matter will be mentioned on August 3, 2026, for pre-trial and directions.
