DCI detectives have arrested Stephen Mugambi Colbert, man accused of conspiring — together with others who are yet to be arrested — to defraud a Nigerian national 150 million Naira (KSh12.45 million) earlier this month.

Preliminary investigations indicate that Mugambi and his accomplices posed as genuine businessmen, approached their victim and duped him into believing that they were in a position to hire a private jet to transport unspecified investments funds from Kenya to Nigeria.

The unsuspecting victim reportedly made a payment amounting to 150 million Naira, only to realise later that he had been defrauded when he could no longer reach Mugambi or his cabal of friends in crime.

The Nigerian national decided to seek help from the Directorate of Criminal Investigations (DCI), with the investigative agency launching a manhunt for the fraudsters.

While Mugambi was arrested, his accomplices narrowly escaped the police dragnet.

“The DCI strongly warns that no efforts will be spared in dealing with such fraudsters,” the DCI says. “Further, we caution members of the public to do their due diligence in establishing the credibility of such businesses to avoid losing their hard earned money.”

The agency is also cautioning the public about an emerging trend where fraudsters have been found to be using crypto currency as a means of exchange outside the formal financial system in a bid to evade detection.