Two young men accused of defrauding a Nairobi businesswoman of more than Sh15 million in a fake cryptocurrency investment scheme are now facing serious charges in court.
The suspects, identified as Jackson Apollo Ananda and Alvin Oduya Atieno, were arraigned at the Milimani Law Courts over allegations of obtaining money by false pretences and conspiracy to defraud.
According to court documents, the two allegedly convinced businesswoman Tuyishime Grace to invest in what they claimed was a high-yield cryptocurrency venture.
The incident reportedly took place at the Serena Hotel in Nairobi on April 30, 2025.Investigators say the pair presented themselves as financial experts with deep knowledge of digital currencies and international trading platforms.
They allegedly promised the victim quick returns on her investment, persuading her to transfer Ksh 15.36 million, equivalent to about 116,000 US dollars.
After the money was sent, the accused reportedly went silent, prompting the businesswoman to suspect foul play.When the matter was reported to the police, detectives from the Directorate of Criminal Investigations launched a probe that revealed a more complex operation than initially thought.
According to officers from the DCI’s Digital Forensics Unit, the suspects were not only involved in the fake crypto scheme but also engaged in hacking activities.
They are said to have accessed the complainant’s bank account by cloning her credentials and intercepting security codes meant to authorize online transfers.
Over a period of two weeks, the suspects allegedly siphoned the money into different accounts belonging to themselves and third parties to avoid detection.
The businesswoman, who operates several retail and real estate ventures in Nairobi and Mombasa, realized that large sums were disappearing from her account and immediately notified her bank.
Her quick action helped investigators trace the movement of funds before they were completely withdrawn. Following detailed tracking, the two suspects were arrested at an apartment in Roysambu, Nairobi, where police found several laptops, mobile phones, and bank cards registered under various names.
Detectives believe the two could be part of a larger syndicate targeting business owners and companies across the country using advanced technology.
Some of the recovered gadgets are being analyzed to determine if they were used in other cybercrimes. The suspects are being held as police continue with investigations and collaborate with financial institutions to recover the stolen money.
When the duo appeared before Magistrate Caroline Mugo, they pleaded for leniency through their lawyer, arguing that they are not flight risks and should be granted bail. The magistrate, however, directed that a pre-bail report be prepared before making a ruling.
The case is set for mention on October 9, 2025.
The incident has sparked public concern over the growing number of tech-savvy young people using their digital skills for illegal activities.
Authorities have urged the youth to use their technological knowledge for innovation and entrepreneurship rather than crime, warning that cyber offenses carry serious legal penalties that can ruin their future.
The case continues to draw attention as Kenyans await the court’s decision on the next steps.
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