In a significant crackdown on fraudsters, four individuals have been arrested in Nairobi in connection with a fake gold scam worth Sh25.8 million. The suspects were apprehended following a meticulous investigation by detectives from the Directorate of Criminal Investigations (DCI), who tracked them down after receiving reports from their latest victim.
According to the DCI, the suspects posed as dealers in the lucrative gold business, luring unsuspecting investors with promises of high returns and access to large quantities of gold destined for export. The victim, whose identity has been withheld for security reasons, was duped into parting with Sh25.8 million before realizing the gold was fake.
Detectives said the suspects operated from an office in an upscale Nairobi neighborhood, which they had furnished to look like a legitimate gold trading hub. Seized during the arrest were fake gold bars, documents, and several communication gadgets believed to have been used in coordinating the scam.
DCI officials revealed that the syndicate has links to a wider network of fraudsters, both locally and internationally, who have been orchestrating similar scams targeting foreign and local investors.
“This arrest is a breakthrough in the fight against gold scammers who tarnish the name of Kenya’s minerals sector and damage investor confidence,” a DCI spokesperson stated. “We are urging the public to remain vigilant and conduct thorough due diligence before engaging in such high-value transactions.”
The suspects are set to be arraigned in court as investigations continue. Authorities have reiterated their commitment to cracking down on fake gold syndicates, which have become a recurring problem, especially in Nairobi and other major urban centers.
The latest incident serves as yet another reminder of the sophisticated methods fraudsters use and the importance of heightened awareness among potential investors in the precious metals industry.
