By Andrew Kariuki
A husband and wife have been arraigned at the Milimani Law Courts over charges of obtaining money by false pretences and handling suspected proceeds of crime linked to an alleged forex investment scheme involving approximately Ksh13.8 million.
Timothy Iguta Macharia and his wife, Norah Gatugi Micheni, appeared before court facing multiple counts, including obtaining money by false pretence contrary to Section 313 of the Penal Code, acquisition of proceeds of crime and use of proceeds of crime contrary to provisions of the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).
According to the charge sheet, the couple allegedly obtained Ksh12.3 million from complainant Stacy Kabura Njoroge between September 2025 and February 2026 in Nairobi County by allegedly falsely representing that they operated a forex business capable of generating monthly returns of 10 per cent on the principal investment.
In a separate count, the two are further accused of allegedly obtaining an additional Ksh1.5 million from Duncan Kariuki Muya during the same period after allegedly claiming they would remit monthly returns of 15% from a purported forex investment arrangement.
Court documents further indicate that the accused persons are alleged to have knowingly acquired approximately Ksh13.8 million believed to be proceeds of crime through bank and mobile money accounts registered in their names, including accounts held at Stanbic Bank, KCB Bank and Safaricom M-Pesa.
The prosecution further alleges that the pair transacted the funds through various accounts while allegedly knowing, or having reason to believe, that the money constituted proceeds of crime.
Prosecutors allege the complainants were induced to invest money in what was presented as a forex investment venture promising monthly returns, representations the prosecution says were false.
The couple took plea to the charges and were released on bond terms of Ksh300,000 cash bail or an alternative bond of Ksh2 million each pending further proceedings.
The matter is scheduled for mention on June 8, 2026.
