Third suspect charged in Sh100mn international fraud, money-laundering case
NAIROBI, Kenya, Nov 24 — A third suspect linked to an alleged cross-border fraud and money-laundering scheme involving more than USD 800,000 (Sh103 Kenya breaking news | Kenya news today |..
✨ Key Highlights
A third suspect, Stephen Juma Ndeda, has been charged in Kenya in connection with an international fraud and money-laundering scheme exceeding $800,000 (Sh103 million). This case involves an American investor allegedly defrauded while seeking a substantial loan for agricultural projects in Africa.
- The alleged scheme targeted American investor Blake Charles Stringer, who was seeking a $500 million loan.
- Stephen Juma Ndeda, a director at Toureg Insurance Agency Limited, faces five counts, including conspiracy to defraud, money laundering, and engaging in organized criminal activity.
- Ndeda is accused of obtaining $56,400 by falsely claiming he could secure the loan and then moving the money to conceal its origin, with the alleged fraud occurring between June 2024 and February 4, 2025.
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World Bank Warns on Kenyan Credit as Bank Reports Profit and Sh103mn Fraud Case Continues - November 2025
The World Bank has warned that Kenya's increasing domestic borrowing is significantly limiting credit access for the private sector, which could hinder investment and job creation. Amid this warning, Consolidated Bank Group reported a notable turnaround, achieving a Sh94.7 million pre-tax profit in the nine months to September 30, 2025. This represents a 177 percent rebound from a loss in the previous year. In a separate financial matter, a third suspect, Stephen Juma Ndeda, has been charged in Kenya over a money-laundering scheme exceeding Sh103 million. The case involves an American investor allegedly defrauded while seeking a loan. In response to the economic climate, the 5th Abojani Economic Empowerment Conference urged Kenyans to adopt an "ownership economy" by investing in productive assets for long-term wealth.
