Detectives from the Operations Support Unit have arrested Steve Okoth Odek, also known as David Bett, in connection with a fraudulent gold deal that scammed a foreign national out of USD 256,000 (Ksh 33 million). The scam involved over 500kg of counterfeit gold.
According to a police statement, the victim entered into two separate gold purchase agreements with Odek. On February 6, 2024, the victim agreed to buy 500kg of gold, followed by another agreement on March 14, 2024, for 580kg. Each kilogram was priced at USD 40,000 (Ksh 5 million).
However, the first deal fell through, and Odek promised to deliver the gold after the buyer met certain conditions, such as chartering a jet and covering taxes and insurance. Despite these promises, Odek never delivered the gold. To keep the scam alive, he provided 20kg of fake “gold bars” as collateral, which were stored at MySafe Vault.
The victim, unaware of the fraud, paid a total of USD 256,000 (Ksh 33 million) through two law firms: Owano & Associates Advocates ($126,000) and Alata & Co. Advocates ($139,200). Odek later attempted to extort an additional USD 188,080 (Ksh 24 million), but his fraudulent actions were eventually exposed, and a police report was filed.
Detectives uncovered that the 20kg of “gold” provided as collateral was made of copper, zinc, and tin, with no gold content. Further investigation revealed that the seller’s company, PCL Natural Resources Limited, was not licensed by the Ministry of Mining to deal in gold or any precious metals.
Equipped with this information, detectives tracked down and arrested Odek, who is now awaiting arraignment.