A Nairobi court has set tough bond and bail terms for a man accused of orchestrating a multi-million shilling fraud targeting a savings and credit cooperative society.
Kelvin Muhati Amboye was on Tuesday charged with several counts including conspiracy to defraud, stealing, acquisition of proceeds of crime, and use of proceeds of crime, contrary to the Penal Code and the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).
According to the prosecution, Amboye is accused of conspiring with others between April 2021 and January 2025 to defraud Afya Sacco Society Limited of more than Sh40 million.
Prosecutors allege that the accused fraudulently withdrew the funds through a FOSA account by falsely presenting the deposits as genuine.
In the stealing charge, the court was told that the accused allegedly stole Sh40,169,656.69, property of Afya Sacco Society Ltd, over the same period.
Amboye also faces charges of acquiring and using proceeds of crime.
The prosecution alleges that between May 2021 and August 2024, he received Sh2.8 million, knowing or having reason to believe that the money formed part of the proceeds of crime.
It is further alleged that he used the funds deposited in the same FOSA account while aware of their illicit origin.
The court released the accused on a bond of Sh4 million with a surety of a similar amount, or alternatively a cash bail of Sh2 million with one contact person.
The matter is scheduled for pre-trial on January 6, 2026, as investigations and preparations for the hearing continue.
The accused pleaded not guilty to all the charges.
