Controversial businessman Paul Kobia has been freed on a Sh100, 000 bail over allegations of trading in fake gold.
On Thursday, Milimani Court Senior Principal Magistrate Sinkiyian Tobiko said the prosecution failed to provide compelling reasons to deny the businessman and his co-accused persons bail.
The prosecution had asked the court to detain the businessman for 14 days to allow detectives complete their investigation.While granting bail to the businessman, the court ordered him to report to the Director of Criminal Investigations (DCI) headquarters every Monday.The businessman’s 13 co-accused persons were directed to sign a personal bond of Sh100, 000 and avail themselves to detectives when needed.On Wednesday, detectives from the DCI raided Kobia’s offices in Riverside Drive, Nairobi.According to the detectives, the raid was in connection to claims that the businessman allegedly conned a Dubai national Sh170 million in a suspected fake gold scandal.The court heard that during the Wednesday raid, detectives confiscated seven suspected gold nuggets, six motor vehicles, a wooden Central Bank of Kenya stamp, arton analyzer, platinum thermo couple machine, money counting machine, and an ETR machine.