OUT OF COURT SETTLEMENT

Fraud case couple freed after agreeing to pay Sh4m

The man and wife were accused of defrauding investors of more than Sh4 million through a forex trading scam

In Summary

• Couple engineered a forex trading scam through their firm

• Every investor was to deposit a minimum of Sh25,000 and promised dividends of between 60 and 80 per cent   

Magistrate's gavel
Magistrate's gavel
Image: FILE

A Kiambu court has allowed DPP Noordin Haji to withdraw a criminal case in which a couple was accused of defrauding two investors of more than Sh4 million.

Chief magistrate Patricia Gichohi was told that Alfred Wangai Mundia and his wife Mercy Nkatha Kirimi had settled the matter outside the court and paid the complainants.

They had been charged with obtaining Sh4 million from Jane Wanjiru Kang'ethe on April 17, 2014, at Ushirika building in Limuru, Kiambu, with intent to defraud.

They obtained Sh1,822,000 from the complainant by falsely pretending they were in a position to invest in a forex exchange business. They also obtained Sh960,000, Sh265,000, Sh340,000, Sh960,000, Sh400,000, Sh465,000, Sh317,400, Sh465,000, Sh150,000 from Kang'ethe using the same tricks between February 6 and April 9, 2014, at the same place. 

Another complainant was Philip Mwangi who had given them Sh25,000 and Sh291,000 to invest between March and April 2014.

The couple was said to have engineered a forex trading scam through their firm, VIP Portal, between October 2013 and September 2014.

Police said that 13,000 unsuspecting Kenyans lost around Sh1 billion to the couple in eight to nine months. 

Every investor was asked to deposit a minimum of Sh25,000 at VIP Portal with the couple promising dividends of between 60 and 80 per cent of the amount invested for four consecutive months. 

The investors were to get back the deposits ar the expiry of four months.

The court heard that the couple had agreed to refund all the money and had repaid the cash of some of the complainants. 

Edited by R.Wamochie