Couple charged over alleged Sh13.8million forex investment fraud
The prosecution told the court that between September 2025 and February 2026, the couple allegedly defrauded two complainants by presenting themselves as operators of a forex trading business capable of generating guaranteed monthly returns.
A husband and wife were charged before a Milimani Law Court in Nairobi in connection with an alleged forex investment scam involving approximately Sh13.8 million.
Timothy Iguta Macharia and his wife, Norah Gatugi Micheni, appeared before the court facing multiple charges, including obtaining money by false pretences, acquisition of proceeds of crime, and use of proceeds of crime under the Proceeds of Crime and Anti-Money Laundering Act (POCAMLA).
The prosecution told the court that between September 2025 and February 2026, the couple allegedly defrauded two complainants by presenting themselves as operators of a forex trading business capable of generating guaranteed monthly returns.
In the first count, the two are accused of obtaining Sh12.3 million from Stacy Kabura Njoroge after allegedly promising a 10 per cent monthly return on her investment.
In a separate allegation, they are said to have obtained an additional Sh1.5 million from Duncan Kariuki Muya under similar claims, promising a 15 per cent monthly return.
Court documents indicate that the complainants were persuaded to invest in what was described as a legitimate forex trading arrangement, with the accused allegedly assuring consistent monthly profits.
However, prosecutors claim the representations were false and intended to induce the victims to part with their money.
The couple is further accused of knowingly acquiring and transacting approximately Sh13.8 million, believed to be proceeds of crime, through various bank and mobile money accounts registered in their names, including accounts held at Stanbic Bank, KCB Bank, and Safaricom’s M-Pesa platform.
The prosecution alleged that the funds were moved through multiple channels while the accused knew, or had reason to believe, that the money was derived from unlawful activity.
The two pleaded to the charges and were released on bond terms of Sh300,000 cash bail each or an alternative bond of Sh2 million pending the hearing and determination of the case.
The matter will be mentioned on June 8, 2026, for further directions.
