A businessman facing fraud charges on Friday had his Sh1 million bond increased to Sh10 million. Mr Justice Mohammed Warsame ordered Mr Don Bosco Ooga Gichana arrested and held in custody until the amount is paid.  Mr Gichana and six other people face theft and fraud charges involving Sh96.7 million. (Read: Six charged with stealing Sh220m from Nairobi banks)

Mr Gichana, who has opted to return the alleged stolen millions, was directed by Justice Mohammed Warsame to deposit the money in court before he can be released since “he is a flight risk.” The judge told him: “ Unless you present an undertaking of Sh10 million, you will go to prison now.”

The judge also ordered him to pay Sh10 million to Fina Bank before February 8. He directed the five suspects to be kept in custody until an undertaking of Sh10 million is availed to the Deputy Registrar from the law firm Rachier & Amolo Advocates.

Justice Warsame told the five suspects that he will enhance the Sh1 million cash bail given to them by principal magistrate Ms Grace Macharia in November last year.

The new development cropped up when Gichana and his co-accused, among them his sister, Gladys Moraa, informed the judge that Fina Bank wants an out of court settlement.

“Fina Bank and EcoBank have reached an understanding that if the money is returned by the suspects it will withdraw the criminal case,” lawyer Ishmael Nyaribo told the judge.  So far, Sh58 million that had been frozen in various bank accounts have been wired back to Fina Bank.

The accounts that received the money from Fina Bank are operated by Gichana, Graham Rioba Sagwe, Obadia Nyambane Gware, lawyer Albert Simiyu Kuloba and Robert Moseti Onkwami, a police officer Fredrick Musyoki disclosed. Justice Warsame directed Barclays Bank Westlands Branch, Commercial Bank of Africa, Wabera Street branch to unfreeze the accounts of the suspects and return the money to Fina Bank.

Fina said it has recovered over Sh70 million from the suspects. Mr Sagwe and Donbosco Gichana are accused of conspiring to defraud Garden Real Estate Development Ltd of Sh96,759,540 on November 12.

On November 15, the two allegedly stole over Sh96.7 million at Fina Bank Ngong Road in Nairobi. Obadia and Moraa are charged with stealing Sh96,759,540 at Eco-Bank’s Eco-Bank Towers Branch in Nairobi on November 15. Mr Simiyu is accused of stealing Sh10 million from Commercial Bank of Africa on November 15.

Donbosco has denied stealing Sh8 million from Barclays Bank the property of Fina Bank on November 15, while Mr Onkwami is accused of stealing Sh9 million at Barclays Bank Development House, the property of Fina Bank.