News
Ugandan Charged in Nairobi Over Sh223 Million Fake Gold Scam
According to the charge sheet, the alleged offence was committed between March 31 and May 30, 2024 within Nairobi, jointly with others not before court.
A Ugandan national has been arraigned in Nairobi over an alleged Sh223 million fake gold scheme that prosecutors say targeted a foreign investor in a high-value bullion deal gone wrong.
Steven John Waiswa was charged before Senior Resident Magistrate Irene Thamara at the Milimani Law Courts with obtaining USD 1,271,200.74, approximately Sh223.7 million, from Tanner Caldwell Cook by falsely claiming he was in a position to sell 2,820 kilogrammes of gold.
According to the charge sheet, the alleged offence was committed between March 31 and May 30, 2024 within Nairobi, jointly with others not before court.
The prosecution contends that Waiswa misrepresented his ability to deliver the consignment of gold, a fact he allegedly knew to be false at the time he received the funds.
He also faces a separate count of conspiracy to steal the same amount from the complainant.
Waiswa denied the charges in court. He was released on a Sh2 million bond with one Kenyan surety of a similar amount. In the alternative, the court granted him a Sh500,000 cash bail option and directed him to provide two contact persons. He was further ordered to deposit his passport in court as an additional safeguard.
The case will be mentioned on March 11, 2026 for consolidation with another similar matter, suggesting investigators believe the alleged scheme may be linked to a broader pattern of fraudulent gold transactions.
Kenya has in recent years witnessed a surge in fake gold scams targeting foreign investors, often involving elaborate documentation, staged warehouse inspections and forged export permits. Authorities have repeatedly cautioned buyers to verify mineral export licences and conduct due diligence through official state agencies before committing large sums of money.
If convicted, Waiswa faces penalties under the Penal Code provisions relating to obtaining money by false pretences and conspiracy to commit a felony. Prosecutors are expected to rely on financial transaction trails and communication records when the matter proceeds to hearing.
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