A Nairobi businessman has been charged with allegedly orchestrating a fake investment scheme that prosecutors say left an investor counting losses of more than KSh15 million.
Walter Wekhanya Keya appeared before the Makadara Law Courts on Wednesday, September 9, 2026, where he pleaded not guilty to three criminal charges stemming from an alleged investment fraud dating back to 2023.
The Director of Public Prosecutions (DPP) accuses Keya of conspiring with others to obtain KSh15.1 million from businessman Constant Wanyonyi after allegedly claiming they could invest the money in a lucrative business venture.
The case adds to a growing list of investment-related fraud prosecutions as authorities intensify efforts to crack down on financial crimes that lure victims with promises of attractive returns.
Three charges over alleged investment scheme
Keya was arraigned before Senior Resident Magistrate Stephany Bett, where he denied all the charges.
According to the prosecution, the alleged scheme unfolded between May and October 2023 at Drive Inn in Starehe Sub-County, Nairobi.
The first charge accuses Keya and others of conspiracy to defraud by falsely representing that they were capable of investing Wanyonyi’s money in a business venture.
The second count alleges that Keya, together with other suspects, obtained KSh5.1 million from the complainant through the same alleged false representation.
The third charge accuses him of possessing proceeds of crime, with prosecutors alleging that he knowingly held the KSh5.1 million, which they say formed part of money acquired through criminal conduct.
Court grants KSh10 million bond
The prosecution, led by Principal Prosecution Counsel Maureen Mwenesa, did not oppose Keya’s release on bond or bail.
After considering the application, the court granted the businessman a KSh10 million bond with one surety of a similar amount.
Alternatively, he may secure his release by depositing a KSh5 million cash bail.
The case will proceed as investigators and prosecutors seek to prove the allegations against him.
DPP steps up financial crime prosecutions
The prosecution comes as the Office of the Director of Public Prosecutions continues pursuing cases involving alleged financial crimes, including fraud, money laundering and other economic offences.
In recent months, the DPP has emphasized accountability in cases involving alleged misuse of funds and deceptive financial schemes, with prosecutors increasingly relying on proceeds-of-crime charges alongside traditional fraud offences in major investigations.
Investment scams remain a growing concern
Authorities have repeatedly warned Kenyans to exercise caution before investing in opportunities that promise unusually attractive returns without clear documentation or verifiable business records.
Financial crime investigators have previously urged investors to conduct due diligence, verify the legitimacy of businesses and insist on written agreements before transferring substantial sums of money.
For now, Walter Wekhanya Keya remains innocent in the eyes of the law, having denied all the charges, as the Makadara court prepares to hear the evidence in the KSh15.1 million fraud case.
