Detectives from the Operations Support Unit have arrested Steve Okoth Odek, also known as David Bett, for scamming a foreign national out of a staggering USD 256,000(Ksh33 million) in a fake gold deal.
The scam involved over 500kg of counterfeit gold, with investigations revealing crucial details about the fraudulent transactions.
According to the police statement, the victim entered into two separate gold purchase agreements with Odek. On February 6th, 2024, the victim agreed to purchase 500kg of gold, and on March 14th, 2024, another 580kg. Each kilogram was priced at USD 40,000(Ksh 5 million).
However, the first deal failed, and the scammer promised delivery only after the buyer met specific conditions, including jet chartering, and covering taxes and insurance.
Despite these terms, Odek failed to deliver the gold. To keep the scam going, he provided 20kg of fake “gold bars” as collateral, which were stored at MySafe Vault.
The victim, unaware of the scam, paid a total of USD 256,000(Ksh33 million) through two law firms: Owano & Associates Advocates ($126,000) and Alata & Co. Advocates ($139,200).
The scammer’s attempt to extort an additional USD 188,080(Ksh24 million) was foiled after his fraudulent dealings were uncovered, and a report was made to the police.
Detectives worked tirelessly, uncovering the 20kg of “gold” provided as collateral. A thorough analysis revealed that the bars were made of copper, zinc, and tin, with no gold present.
Further investigation revealed that the seller’s company, PCL Natural Resources Limited, was not licensed by the Ministry of Mining to deal with gold or any precious metals.
Armed with this information, detectives tracked down and arrested Odek, who is now awaiting arraignment.
