Court Probes Crypto Conmen
Two businessmen are in serious trouble after being arraigned at the Milimani Law Courts for allegedly defrauding a Rwandan businesswoman of Ksh15.36 million through a fake cryptocurrency investment scheme.
The accused, Jackson Apollo Ananda and Alvin Oduya Atieno, are said to have pocketed 116,000 U.S. dollars, equivalent to Ksh15,360,000, from Tuyishime Grace on April 30, 2025, at the Serena Hotel in Nairobi. According to court documents, the two men allegedly convinced Ms. Tuyishime that they were experienced traders who could help her invest and trade on Binance, one of the world’s largest cryptocurrency exchange platforms.
The prosecution told the court that the accused, together with others who are still at large, intentionally made false representations with the sole aim of defrauding the complainant. They assured her that her money would be invested and multiplied through crypto trading, but instead, they reportedly disappeared with the funds.
Apart from the main charge of obtaining money by false pretences, the two are also facing a second count of conspiracy to defraud, contrary to Section 317 of the Penal Code. The charge states that they jointly planned to deceive Ms. Tuyishime by falsely claiming they could assist her in cryptocurrency trading.
When the pair appeared before Senior Principal Magistrate Caroline Mugo, they denied all charges. Their lawyer pleaded for leniency, arguing that his clients were not a flight risk and were willing to abide by any bond terms the court might impose. The defence further requested the court to consider that the two had cooperated fully with investigators and had presented themselves voluntarily for arraignment.
Magistrate Mugo, however, directed that a pre-bail assessment report be prepared before determining whether or not to grant them bond. This report, compiled by probation officers, will provide details about the accused persons’ background, character, and likelihood of attending court proceedings.
The case will be mentioned again on October 9, 2025, when the court is expected to make a ruling on their bail application. Meanwhile, investigations into the alleged fraudulent scheme are ongoing, with authorities pursuing other individuals believed to have been involved in the multi-million-shilling crypto scam.
Court Probes Crypto Conmen
