A man accused of being a notorious Forex trade swindler was arraigned before a Nairobi court on Wednesday, charged with defrauding a businesswoman of Sh 400,000 through deceitful schemes.
Daniel Mbugua Njogu was apprehended at his residence in Kimbo after law enforcement tracked him down following a complaint from the victim, Veronicah Gacheri Mbwira.
The prosecution alleges that on various dates between April 2022 and May 2022, Njogu fraudulently obtained Sh 400,000 from Mbwira by falsely claiming that he could involve her in a Forex trading business.
Appearing before Senior Principal Magistrate Robinson Ondieki, Njogu denied the charges and pleaded with the court to release him on reasonable bail terms.
However, the prosecution opposed his release, arguing that he poses a flight risk and would likely abscond court proceedings if granted bail.
“The accused has been on the run since 2022. Police efforts to trace him have been futile as he frequently changes his phone line. The accused person is a flight risk. We object to the release of the accused person on bail pending the hearing and determination of the case,” the prosecution argued.
According to the police, Njogu has defrauded numerous individuals under the pretense of Forex trading, luring them into fake investment schemes. His arrest came after an extensive investigation into his fraudulent activities, which have misled and exploited members of the public seeking financial gains through Forex investments.
Njogu has been remanded in custody until Friday, September 13, when the court is expected to deliver a ruling on his bail and bond application.
