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Man Charged With Sh2 Million “Bitcoin” Fraud

bitcoin fraud
Peter Kimani Njenga Arraigned at Kibera Law Courts. [Courtesy]

A Nairobi businessman has been charged with obtaining money by false pretenses from another trader.

The suspect, Peter Kimani Njenga, is said to have lured Michael Musyoki Nzivo into a fraudulent Bitcoin deal that saw the later lose Sh2,040,000.

Njenga is said to have pretended to have invested for Nzivo the monies in bitcoin, a fact he knew to be false.

Bitcoin is a decentralized digital currency, without a central bank or single administrator, that can be sent from user to user on the peer-to-peer bitcoin network without the need for intermediaries.

Court documents show that Njenga committed the alleged offence between 4 and 5 May in Nairobi. He allegedly promised Nzivo 74 percent profit.

The victim deposited the money in Njenga’s bank accounts in two installments. After receiving the cash, the suspect went missing until police traced and arrested him.

Njenga denied the charges before senior principal magistrate Derrick Kuto of Kibera law courts.

He was released on a Sh2 million bond and an alternative cash bail of Sh500,000. The case will be mentioned on June 15.

Read: Man At The Centre Of Ksh2 Billion Fake Gold Scam To Be Arraigned Today

On Friday, detectives nabbed a man at the centre of a Ksh2 billion fake gold scam in Nyeri.

Samuel Githaiga Kiambati reportedly obtained over Ksh29.8 million from an unsuspecting victim in a fake gold deal.

The suspect is said to have approached his target in 2016 with appeals to facilitate the said gold business, with promises that the amount of money realized from the sale of gold (approximated at Ksh2 billion) would be channeled towards supporting projects of various branches of a renown Pentecostal church.

Sleuths said that the deal was non-existent, and Mr Kiambati went into hiding the moment he received the amount.

“Hardly had the victim parted with his money, when a game of circles started with the slippery suspect making empty promises as to when profits would hit the victim’s bank account,” said DCI.

Once he is arraigned, he will plead to charges of obtaining money by false pretenses which contravenes Section 313 of the Penal Code.

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Written by Eva Nyambura

Content creator at Kahawatungu.com | Passionate about telling the untold story. Lover of life, music and technology. Simplicity is KEY

Email: news@kahawatungu.com

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