• Kobia was last month arrested at his residence in Mzima Springs on Riverside Road after a five-hour raid at his house.
• He has threatened to sue the directorate of criminal investigation DCI over malicious damage to his property following the raid.
Controversial businessman Paul Kobia has been released on a Sh2 million cash bail.
Kobia was last month arrested at his residence in Mzima Springs on Riverside Road after a five-hour raid by DCI officers.
He was arrested for conspiracy to defraud Sh14 million from the director Iron and Steel DMCC in Dubai.
Kobia allegedly conspired with 13 other people to obtain the money from Antonio Cianci by means of fraudulent tricks by displaying metal boxes purportedly parked with genuine gold bars.
On diverse dates between April 13 and April 25, Kobia purported to have an office trading in the name of Duaf International Limited and Malca Amit Limited falsely pretending to carry out a genuine gold business.
Other counts included forging of stamps belonging to KRA, CBK, the national treasury and others.
He denied charges before Magistrate Martha Mutuku and released on bail. The case will be heard on August 30.
Kobia has threatened to sue the DCI over malicious damage to his property following the raid.
While at DCI heaquarters, Kobia told journalists that his arrest was nothing but political.
According to him, since he has vowed to stand against corruption and vie for the presidency in 2022, some forces were behind to ensure he doesn't succeed.
“It is very unfair to just raid someone’s house without permission. I have lost so many important things which were destroyed by the officers”, he told the press.
Kobia estimated that property worth Sh5 million was damaged.
He accused the DCI officers of destroying and vandalising his property without any court orders.
He added that the police took away his six vehicles during the raid.
Kobia and his employees were released on a cash bail of Sh100,000 after the court rejected the move by the office of the DPP to have him detained for 14 days pending investigation on the involvement of transnational money laundering.