An Indian national has been arrested over an alleged gold investment fraud in which an investor lost USD 1,325,970 (approximately Sh172.3 million) in a botched deal involving 210 kilograms of gold.
Maheshbhai Rameshbhai Bhadra was arrested at Jomo Kenyatta International Airport (JKIA) shortly after arriving from Dubai, following investigations into allegations that he obtained the money from an investor under the pretext of facilitating the purchase of the precious metal.
According to investigators, the transaction involved an informal Hawala money-transfer arrangement through agents operating in Dubai and Kenya. The complainant allegedly transferred the money in anticipation of receiving 210 kilograms of gold, but the promised transaction never materialised.
“At the heart of the scam was a tantalising promise: 210 kilograms of gold,” the agency stated.
The suspect’s arrest was carried out pursuant to a stop order issued by the Milimani Law Courts. He is currently in custody undergoing processing ahead of his arraignment in court.
