Two suspects implicated in the Sh 57 million gold scam case have been released on bail.
Kache Mildred alias Sabreena Ayesha and Ahmed Bashar Mohamed were arraigned in court under an application seeking 10 days custodial orders in order for the police complete investigations.
Senior Principal Magistrate Geoffrey Onsarigo ruled that the prosecution had not adduced compelling reasons to warrant the custodial orders.
“As such, the application for custodial orders is hereby rejected,” the magistrate ruled.
The two were granted a bond of Sh 2 million each with alternative cash bail of Sh 200,000.
The magistrate also ordered the suspects to deposit their passports in court. In addition, they will be reporting to the investigating officer once a week.
Investigating officer Corporal Dennis Mugambi told the court that the complainants, Terry Lee Schrubb Jnr and Kenneth J. Adler made a report that they had been defrauded 447,000 USD by persons pretending to be genuine gold dealers capable of exporting gold consignments from Kenya to Dubai.
“Relying on the said false representations, the complainants transferred substantial amounts of money through cryptocurrency wallets and related channels for alleged documentation fees, shipment, insurance, smelting and logistics expenses,” Corporal Mugambi said.
The court heard that investigations established that the respondents herein together with other accomplices falsely represented to the complainants that they had genuine gold consignments weighing approximately 10 kilograms, 500 kilograms and 700 kilograms available for export.
“Relying on the false representations made by the respondents and their accomplices, the complainants transferred substantial amounts of money through cryptocurrency wallets and related channels for Insurance premiums, smelting charges, shipment costs, aircraft retention charges and logistics expenses,” the investigator added.
Investigations established that the complainants made several payments including USD 11,000 for documentation and test charts, USD 56,000 for smelting charges, USD 231,000 for insurance and 121,00 USD for cargo jet services.
According to the police, investigations have established movement of proceeds of crime through multiple cryptocurrency wallets associated with the Respondents and other accomplices.
The court heard that Mohamed, using his Binance wallet knowingly received the funds from the complainants and disbursed it to Mildred and her accomplices. He is said to have aided in laundering the money that was fraudulently acquired from the complainant.
“This office sought and obtained orders vide Milimani Criminal Miscellaneous Application No. E2143/2026 directed to Binance Holdings Limited, Nest Exchange Limited, Nest Clearing and Custody Limited and Nest Trading Limited for purposes of obtaining KYC records, linked wallet accounts, transaction histories, access logs and freezing identified wallets suspected to contain proceeds of crime.”
In addition, reports and disclosures obtained pursuant to the said Criminal Miscellaneous Application identified linked cryptocurrency wallets, Binance User IDs, associated email accounts, transaction histories and identified wallet owners associated with the fraudulent transactions.
Corporal Mugambi told the court that the suspects were a flight risk and may abscond should they be released on bail.
The case will be mentioned on 18th June 2026.