MICROFINANCE LENDER CHARGED WITH DEFRAUDING INVESTORS SH104 MILLION.

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Caroline Mumbi Kibaru of County Capital Limited before Milimani Magistrate Court where she denied the charges./PHOTO BY S.A.N.

BY IRENE ONYANGO.

The director of a microfinance institution has been charged with obtaining over Sh 104 million from investors.

Caroline Mumbi Kibaru of County Capital Limited appeared before Milimani Chief Magistrate Wendy Kagendo and denied the charges.

She is charged of obtaining total amount of Sh 104,753,400 from three different person.

Mumbi is accused of obtaining Sh 61,516,000 from Zipporah Waithira Muingai of by falsely pretending that she was able to invest in a collective investment scheme on her behalf.

The court heard that she committed the offence on diverse dates between January 1, 2015 and September 1, 2018 at Waterssys Plaza in Nairobi within Nairobi County,

The court also heard that she issued a bad cheque for Sh 500,000 in favour of Musyoka Munyambu on Family bank with knowledge that the said account number had insufficient funds.

She allegedly committed the offence on July 21, 2018 at Waterssys Plaza in Nairobi within Nairobi County, being a director of a county capital Ltd.

It is further alleged that Mumbi carried out a business as a collective investment scheme without a valid licence issued by Capital Markets Authority or Central Bank of Kenya.

The accused was released in a cash bail of Sh500,000.

The matter will be mentioned on October 6 for directions.

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