Capital Limited director charged with Sh 104 million fraud

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Capital Limited director Caroline Mumbi Kibaru at Milimani Law Courts where she denied obtaining over Sh 100 million from investors for a non-existent collective investment scheme. Photo/Irene Onyango.

The director of Capital Limited has been charged with obtaining over Sh 100 million from investors in a non existent investment scheme.

Caroline Mumbi Kibaru is accused of obtaining Sh 61,516,00 from Zipporah Waithira Mungai by falsely pretending that she was able to invest in a collective investment scheme on her behalf, a fact she knew to be false.

Kibaru is alleged to have committed the offense between 1st January 2015 and 1st September 2018 at Watersys Plaza in Nairobi, jointly with another before court, with intent to defraud.

She is also charged with obtaining 15,500,000 from Bonface Mulwa Nzinga, Sh 19,737,400 from John Mulinga Musyoka and Sh 8 million from Shadrack Vindu Musyoka on similar dates.

The accused is also facing charges of conspiracy to defraud, issuing bad cheques and carrying out a business of collective investment scheme with a valid licence from Capital Markets Authority or Central Bank of Kenya.

She denied the charges before Chief Magistrate Wendy Kagendo and was released on a cash bail of Sh 500,000.