NAIROBI, Kenya – A third suspect has been charged in an elaborate international fraud and money laundering case involving over USD 800,000 (Sh103 million), deepening an investigation into a criminal network that allegedly targeted a U.S. investor with a non-existent loan facility for African agricultural projects. The case underscores the increasing sophistication of financial crimes targeting Kenya as a hub for international investment.

Stephen Juma Ndeda, identified as a director at Toureg Insurance Agency Limited, appeared before Senior Principal Magistrate Richard Koech at the Kahawa Law Courts on Monday, November 24, 2025. He pleaded not guilty to five charges: conspiracy to defraud, obtaining money by false pretences, money laundering, engaging in organised criminal activity, and acquiring proceeds of crime.

The charges were brought by the Directorate of Criminal Investigations (DCI) following a complaint filed by American investor Blake Charles Stringer. According to investigators, Stringer was defrauded after seeking a USD 500 million loan to finance agricultural ventures across Africa.

The Alleged Scheme

The investigation, which has been ongoing for several months, was initiated after Stringer reported that he had been deceived by a company named Affluent Wealth Management. Lured by the promise of a substantial loan, Stringer traveled to Nairobi, where he signed loan agreements. He was then instructed to pay more than USD 800,000 in fees, purportedly for insurance and processing, to secure the USD 500 million facility.

The DCI's probe revealed that the funds were allegedly funneled through a complex web of entities, including Toureg Insurance and two other firms. However, the promised loan never materialized. According to the charge sheet presented in court, Ndeda is accused of conspiring with others to defraud Stringer's company, Nutra-Acres LLC, of the USD 800,000 between June 2024 and February 4, 2025.

Prosecutors detailed a specific transaction, alleging that on January 14, 2025, Ndeda fraudulently obtained USD 56,400 by falsely presenting himself as capable of facilitating the loan. He is further accused of transferring and withdrawing these funds from an account at Ecobank, knowing they were proceeds of crime, in an attempt to conceal their illicit origin.

Court Proceedings and Broader Context

Ndeda's arraignment follows the charging of two other co-accused, David Onyango Ochanda and Luke Ouma Onyango, who were charged alongside Toureg Insurance Agency Limited as a corporate entity last Thursday. They also pleaded not guilty and were released on a bond of Sh2 million or a cash bail of Sh1 million each.

Through his legal counsel, Ndeda requested a review of his bail terms, stating that he had cooperated with the DCI's investigation and had presented himself to authorities voluntarily. The court is expected to rule on his bail application and provide further directions on December 8, 2025, when the case will be mentioned.

This case highlights a growing trend of transnational organized crime leveraging Kenya's position as a regional financial centre. The DCI's Financial Investigations Unit has been increasingly active in probing complex fraud and money laundering schemes. These investigations often involve multiple jurisdictions and require intricate tracing of funds through various bank accounts and shell companies, posing a significant challenge to law enforcement. The involvement of professionals in such schemes, as alleged in this case, points to the sophisticated nature of modern financial crime, which can undermine investor confidence and tarnish the country's international reputation.