Man Charged Over Ksh 29 Million Fake Gold Deal Targeting UAE Foreigner

An alleged gold fraudster has been charged at a Nairobi court with obtaining Ksh 29 million in the guise of selling 150 kilograms of gold to a foreigner.

Fred Obach Oliech appeared before the Milimani Senior Principal Magistrate Teresiah Nyangena and was charged with conspiracy to defraud, obtaining money by false pretence and acquisition of proceeds of crime contrary to the law.

The court heard that on diverse dates between June 23 and 25, 2026, at an unknown place within Nairobi County, jointly with another not before the court, conspired to defraud Kais Lahyani on behalf of Oro Trading Fze LLC a sum of Ksh 29,154,727 by pretending that they were in a position to supply 150 kilograms of gold, which was a false fact.

The prosecution told the court that, on June 25, 2026, at Ridgeways within Nairobi County, with another person who was not before the court obtained the said money from Kais Lahyani on behalf of the aforementioned company by pretending to be in a position to sell them 150 kilograms of gold, which was a false fact.

In the last count, the court heard that the accused acquired the said money at Ridgeways while knowing that it was part of proceeds of crime.

Oliech denied the charges and, through his lawyer, pleaded with the court to be released on favourable bond terms, assuring the court that he would adhere to the terms to be set by the court.

“Your Honour, my client is a father of a young family, and he has assured me that he will obey the terms and conditions to be put by this court,” the lawyer submitted.

The prosecution did not oppose the accused being released on bond but urged the court for stringent terms commensurate with the offence.

The counsel representing the complainant informed the court that his client (Kais) is a foreigner hailing from the United Arab Emirates UAE, has been in the country since July 29, 2026, and he came to receive the consignment.

The court heard that after demanding the consignment from the accused person, whom he had paid money to started taking him in circles.

He reported the matter to the police after the accused failed to fulfil the promise to supply 150 kilograms of gold or refund the cash.

The accused was then arrested and produced in court on the offence of fraud contrary to the law.

The court granted him a bond of Ksh 1 million with alternative cash bail of Ksh 500,000.

The Magistrate further directed the accused to deposit his travel document in court.