This archive report was first published on 27 June 2021.
On June 27, 2021, Directorate of Criminal Investigations (DCI) detectives made a significant breakthrough at the Jomo Kenyatta International Airport, seizing a consignment of fake gold bars worth millions of shillings.
The fake gold bars, concealed in 31 boxes received from Uganda, had been stored at the airport by shadowy businessmen dealing in the lucrative gold business on the pretext that it was cargo awaiting transit to different destinations across the world.
According to DCI, the scammers would lure unsuspecting investors to view the gold at the customs offices at JKIA, where they would display what appeared to be genuine gold bars in Swissport's strong room.
Once convinced, the buyer would be advised that the gold would be shipped to any destination of their choice across the globe, but immediately after payment, the scammers would go underground.
One such deal gone sour saw a businessman lose over Sh34 million to the tricksters, who exploited the services of custody of private memorabilia and treasure banking to deposit fake gold in banks.
Investors, armed with genuine bank documents, would be herded to the same banks to confirm the gold deposits and parted with millions in exchange for the fake gold.
DCI Director led an operation in March 2019 that stormed a prominent international bank and discovered dozens of fake gold deposits, which had been shown to many traders who fell victim to the scheme.
The Directorate of Criminal Investigations is cautioning anyone within or outside the country intending to venture in gold business to be on the lookout not to fall prey to these amoebic fraudsters, who keep changing tactics and mode of operation.
