Goldenscape Greenhouses Chief Executive Officer (CEO) Peter Wangai accused of conning Kenyan investors has finally been charged with fraud.
Wangai was arraigned before Chief Magistrate Martha Mutuku on Thursday. He pleaded not guilty to 21 fraud-related charges over the scam.
Lawyers representing Wangai’s victims urged the magistrate to order the suspect to deposit his passport in court arguing that he is a flight risk.
The court heard that Wangai’s accomplices had already fled to South Africa.
However, the defence team dismissed the claims saying Wangai was the only director of Goldenscape.
The Magistrate freed the suspect on Sh5 million bond or Sh2 million cash bail.
The case will be mentioned on April 1.
Wangai was arrested in March last year after several people filed complaints with the Directorate of Criminal Investigations (DCI) accusing the businessman of defrauding them their hard-earned fortunes.
According to DCI, Wangai’s firm lured investors to invest in Greenhouses that were to be set up in Ol Kalou, Nyahururu and other places in the country which turned out to be a fraudulent investment deal.
“He will be charged with the offence of obtaining money by false pretences, conspiracy to defraud, false representation, issuing bad cheques among other charges, ” said DCI.
The agribusiness company has failed to pay its investors since December 2019.
Initially, the investors were to be paid in December 2019 but the company started excuses blaming the lack of payment to poor weather patterns.
Goldenscape Greenhouses offered contractual obligations to investors, with an assurance of a Sh550,000 return on a Sh320,000 investment after six months.