Nairobi woman accused of Ksh.36M investment fraud released

A Nairobi woman accused of masterminding a multi-million-shilling fraud scheme has been released on Ksh.5 million cash bail, leaving victims hoping their lost millions will be recovered.

Monica Wanjiku Kimani appeared before Senior Principal Magistrate Gilbert Shikwe at the Makadara Law Courts, where she faced charges of operating an illegal collective investment scheme without a licence from the Capital Markets Authority.

Investigators allege Kimani exploited the trust of people within her social circles to run the investment scheme.

Most of the alleged victims were members of her local chama and were promised a 10 per cent monthly return on their principal investment.

The prosecution described the operation as a Ponzi-style scheme, alleging that money from new investors was used to pay earlier investors, creating the impression that the venture was profitable.

The scheme allegedly collapsed in April, after which Kimani is accused of disappearing.

Source: Citizen Digital