A Nairobi businessman and his company have been charged with defrauding investors over Sh30 million through a bogus car rental investment scheme.
Keeru Ngugi Mucheru, also known as Gedion Magu Ngugi, and his firm, Bidsworth Autorrent Company, appeared before Milimani Senior Principal Magistrate Robinson Ondieki where they denied multiple charges of obtaining money by false pretenses.
The court heard that Mucheru and his company promised investors a 15% monthly return on investments in the car rental business—a claim that investigators say was knowingly false.
According to court documents, the alleged offences were committed between September 2022 and April 2023 within Nairobi’s Central Business District.
Ng’enda Location Ranching Company Limited is said to have lost Sh30 million in February 2023 after being lured into the investment scheme.
Other complainants include individual investors Winnie Adoyo Ong’ondo, Agnes Wanjiru Thairu, Nancy Naibei Chepkorir, Monicah Muthoni Kariuki, and Valentine Mwaura Njenga, who together lost millions under similar pretenses. The amounts in question range from Sh300,000 to Sh2.95 million.
The prosecution told the court that the accused had no intention of honouring the promised returns and instead used the scheme to deliberately mislead and defraud the victims.
The court released Mucheru on a bond of Sh2 million or an alternative cash bail of Sh 500,000.
The matter will be mentioned on April 23.
