Nairobi — A third suspect linked to an alleged cross-border fraud and money-laundering scheme involving more than USD 800,000 (Sh103 million) has been charged at the Kahawa Law Courts, expanding a case investigators say targeted a foreign investor through a coordinated criminal network.
Stephen Juma Ndeda, a director at Toureg Insurance Agency Limited, was on Monday arraigned before Senior Principal Magistrate Richard Koech, where he denied five counts -- conspiracy to defraud, obtaining money by false pretences, money laundering, engaging in organised criminal activity, and acquiring proceeds of crime.
His arrest followed months of investigations by the Directorate of Criminal Investigations (DCI), triggered by a complaint from American investor Blake Charles Stringer. Stringer told detectives he was defrauded while seeking a USD 500 million loan to fund agricultural projects in Africa.
After being introduced to a company known as Affluent Wealth Management, Stringer travelled to Nairobi, signed loan documents and was instructed to pay more than USD 800,000 for insurance and processing fees. Investigators say the money was channelled through several entities and individuals, including Toureg Insurance and two other firms -- but the promised loan was never delivered.
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According to the charge sheet, Ndeda allegedly conspired with others not before the court to defraud Nutra-Acres LLC of USD 800,000 between June 2024 and February 4, 2025, by falsely claiming they could facilitate the multi-billion-shilling loan.
He is separately accused of obtaining USD 56,400 on January 14, 2025, allegedly while posing as someone capable of securing the facility. Prosecutors told the court he later transferred and withdrew the money to conceal its source, movement and nature, despite knowing it was criminal proceeds.
Ndeda was further charged with participating in organised criminal activities within Nairobi County over the same period and knowingly receiving USD 56,400 at Ecobank from Nutra-Acres LLC.
Through his lawyer, Ndeda sought a review of the bail terms, arguing he had cooperated with investigators and voluntarily presented himself for prosecution.
His co-accused -- David Onyango Ochanda, Luke Ouma Onyango, and Toureg Insurance Agency Limited -- were charged last Thursday and pleaded not guilty to similar counts. They were granted a bond of Sh2 million or cash bail of Sh1 million each.
The case will be mentioned on December 8, 2025, when the court will consider the bail review request and issue further directions.
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