Businessman Kobia released on Sh2m cash bail after denying fraud charges


Controversial businessman Paul Kobia has been released on a Sh2 million cash bail after he denied fraud charges.
Kobia was last month arrested after Directorate of Criminal Investigation officers’ raid at his Nairobi home.
The businessman was arrested for conspiring with others to defraud Dubai-base Iron and Steel DMCC Antonio Cianci Sh14 million.
Kobia allegedly conspired with 13 other people to obtain the money from Cianci by means of fraudulent tricks by displaying metal boxes purportedly parked with genuine gold bars.
On diverse dates between April 13 and April 25, Kobia purported to have an office trading in the name of Duaf International Limited and Malca Amit Limited falsely pretending to carry out a genuine gold business.
Kobia also faces forgery of stamps belonging to KRA, CBK and the National Treasury.
He denied charges before Magistrate Martha Mutuku and was freed on bail. The case will be heard on August 30.
Police raided his home in Riverside but fail to find any evidence linking him to the fake gild scandal
Kobia has threatened to sue the DCI over malicious damage to his property saying they are being used by his political opponents to frustrate him.
“These are all politics, they have gotten wind that I am contesting in 2022, but I will not allow them to intimidate me,” he told the media.


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