Money Bior, Lawyer Stephen Ndeda Among 18 Accused Of Running An International Fraud Ring Involved With Scamming American Investor Sh500 Million

A bombshell fraud case has exploded into public view with Kasipul MP aspirant Robert Riaga, popularly known by his flashy alias “Money Bior,” and city lawyer Stephen Juma Ndeda among 18 suspects now facing investigations over an alleged Sh500 million international scam that left an American investor devastated .

The Milimani Chief Magistrate’s Court has granted sweeping search warrants allowing Economic and Commercial Crimes Unit detectives to raid multiple prime locations across Nairobi, including Flamingo Towers in Upper Hill, Silver Stone Building in Kilimani, Uhuru Highway Mall in Nairobi West, and the prestigious PWC Building in Westlands , in what investigators describe as a sophisticated cross-border fraud network.

The timing of the fraud probe could not be more dramatic for Money Bior, who just days ago suffered a humiliating electoral defeat in the Kasipul by-election, finishing fourth out of ten candidates with a paltry 519 votes despite his lavish campaign spending.

In a shocking turn of events, the defeated politician allegedly turned on his own campaign team, summoning them to his palatial home where hired goons reportedly beat them up, accusing them of failing to deliver votes despite his massive investment in the race .

The fraud investigation centers on American businessman Blake Charles Stringer, a director of Nutra-Acres LLC in Texas, who travelled to Kenya with dreams of financing agricultural projects across Africa.

What he got instead was a masterclass in deception that would cost him nearly Sh100 million and leave him with nothing but broken promises and mounting legal bills.

According to court documents, Stringer was introduced to a firm known as Affluent Wealth Management after being connected through a U.S.-based broker, and was promised they could secure a USD 500 million loan for his agricultural ventures . After several online discussions, the Texas businessman flew to Nairobi, where representatives painted an enticing picture of financing possibilities.

But the deal came with conditions. Investigators say Stringer was told he needed to obtain a life insurance policy through Toureg Insurance Agency to qualify for the massive loan.

He was allegedly introduced to a man claiming to be the agency’s CEO and a representative of a Swedish insurer called Continental Insurance.

What followed was a systematic draining of funds that investigators now describe as a well-coordinated criminal enterprise.

Between June 2024 and February 2025, Stringer made payments totalling over USD 800,000, approximately Sh103 million, to accounts linked to the suspects and companies now under investigation .

Bank documents submitted to court paint a damning picture of how the money disappeared. The funds were quickly withdrawn or moved through RTGS transfers to firms including Urufle Trading Company and Fatimark Energy Ltd. Some cash was withdrawn directly by individuals named in the case.

Stringer also paid Sh7.3 million to Ndeda and Company Advocates as legal fees and sent Sh647,500 to one suspect for what he was told was the registration of a new company, Nutra Acres Africa Ltd.

The promised loan never came.

Lawyer Stephen Juma Ndeda was arraigned at the Kahawa Law Courts before Senior Principal Magistrate Richard Koech, where he faced five counts including conspiracy to defraud, obtaining money by false pretences, money laundering, engaging in organised criminal activities, and acquiring proceeds of crime. He pleaded not guilty to all charges.

Lawyer Stephen Juma Ndeda

The case against Ndeda is particularly damning. Prosecutors told the court that Ndeda, described as a director of Toureg Insurance Agency Limited, allegedly obtained USD 56,400, approximately Sh7.2 million, from the complainant while falsely posing as someone capable of securing the facility . He is accused of transferring and withdrawing the money to conceal its source, movement and nature, despite knowing it was criminal proceeds.

This is not Ndeda’s first brush with the law. Earlier this year, he faced separate charges involving a USD 52.49 million land deal gone wrong, where he was accused of forging documents and money laundering.

His law firm has repeatedly been linked to suspicious international money transfers that have caught the attention of anti-money laundering watchdogs.

Money Bior’s involvement in the case adds another explosive layer to an already controversial figure.

The businessman has long been dogged by allegations of involvement in Kenya’s notorious “wash wash” fraud networks, with investigative reports identifying him and his associates in connection with fraud operations targeting victims at popular malls in Westlands .

Money Bior gained national attention in 2021 when blogger Edgar Obare exposed what he claimed was a multimillion money laundering business in Kenya involving gold scams.

Following that exposé, Obare’s Instagram account was deactivated, and he later revealed that his brother was allegedly kidnapped and tortured in what he believed was a warning from those exposed in the scandal.

Despite the swirling allegations, Money Bior launched an audacious bid for the Kasipul MP seat following the death of incumbent Ong’ondo Were.

His campaign was marked by lavish spending, with videos showing him handing out cash to residents and flaunting his palatial village home complete with a swimming pool and high-end finishes that rival Nairobi’s finest suburban properties.

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But voters were not impressed.

His crushing defeat, garnering just 519 votes, suggests that Kasipul residents saw through the flash and rejected his bid for political legitimacy.

Ndeda’s co-accused, David Onyango Ochanda, Luke Ouma Onyango, and Toureg Insurance Agency Limited, were charged last week and pleaded not guilty to similar counts, with each granted a bond of Sh2 million or cash bail of Sh1 million.

Through his lawyer, Ndeda sought a review of the bail terms, arguing he had cooperated with investigators and voluntarily presented himself for prosecution.

The search warrants issued on October 30 name an extensive list of suspects beyond Money Bior and Ndeda, including Michael Omondi Okongo, David Onyango Ochanda, Luke Onyango, Abdifatah Adan Kalicha, Abel Onyango Noah, Abdullahi Bare, Joseph Verde, Oloo Collins Juma, Kenedy Oyoo Mboya, Susan Kilonzo Wambua, Stephen Roy Onyango, Judith Akinyi Riaga, and Collins Juma Aloo.

Companies under the microscope include Toureg Insurance Agency, Albeirut Wael Enterprises, Urufle Trading Company Ltd, Fatimark Energy Ltd, and Affluent Wealth Managers.

Corporal Brian Musau of the ECCU told the court that early findings suggest crucial digital and physical evidence is stored in the premises targeted by the search warrants.

Detectives are authorised to seize documents, computers, servers, mobile phones, electronic storage devices, and any other items that may hold useful information for forensic analysis.

The charges span multiple laws including the Penal Code, the Proceeds of Crime and Anti-Money Laundering Act, the Prevention of Organised Crimes Act, and the Computer Misuse and Cybercrimes Act.

If convicted, the suspects could face lengthy prison sentences and massive fines.

The case has sent shockwaves through Kenya’s business and political circles, exposing what investigators describe as an intricate web of fraudsters willing to exploit foreign investors seeking legitimate business opportunities in the country.

The elaborate scheme involving fake insurance companies, forged documents, and coordinated money laundering has raised fresh concerns about Kenya’s reputation as a safe destination for international investment.

For Stringer, the dream of financing African agricultural projects has turned into a costly nightmare.

Nearly Sh100 million gone, no loan to show for it, and only a mountain of legal proceedings and broken promises remain.

As detectives comb through the evidence they hope to recover from the search warrants, the American investor can only wait and hope that justice will be served and some of his money recovered.

For Money Bior, the fraud charges represent a spectacular fall from grace.

From campaign rallies where he showered voters with cash to a humiliating electoral defeat and now a criminal investigation that could land him behind bars, his political ambitions appear to be crumbling as fast as they rose.

The case is scheduled for mention on December 8, 2025, when the court will consider bail review requests and issue further directions.

The investigation continues as detectives work to unravel the full extent of what they believe is a sophisticated international fraud ring that has been operating with impunity for years.