Jared Otieno, the flashy tycoon who was arrested over a Ksh.300 million gold scam, will remain in police custody until Monday next week.
Otieno, who appeared before Magistrate Francis Andayi on Tuesday, pleaded not guilty to charges of conspiracy to defraud, obtaining money by false pretences and preparing to commit a felony.
He was charged alongside 15 other suspects who also pleaded not guilty. The magistrate set their cash bail ruling for Monday, May 27, 2019.
Otieno was arrested on May 17 and has been at the Kileleshwa Police Station.
His lawyer Stanley Kangai intimated that the matter involves a loan between the complainant and others. He however insists that Otieno has been the ‘sacrificial lamb’.
This despite Otieno being linked to the seizure of fake gold that was seized on Monday in Kileleshwa.
Detectives probing the matter said he was identified on CCTV footage that was confiscated from the scene.
Two of his high end cars were also seized in the operation.
Otieno has been in and out of court over fraud cases alleged to involve hundreds of millions of shillings.
Previously, a Venezuelan man accused him of defrauding him of Ksh.300 million in a fake land deal.