A foreign gold investor, Andrew Adel Gaballa, has told Milimani Court that he deposited a total of USD 505,000 (approximately Ksh65.4 million) into accounts held by Nairobi-based advocate Conrad Maloba. The payments were made as part of a purported transaction for 590 kilograms of gold being sold by Duncan Okonji Okaka.
Gaballa appeared virtually before Principal Magistrate Paul Mutai on July 22, 2026, where he explained that the funds were transferred through two separate accounts linked to Conrad Maloba. He confirmed meeting the advocate at his office in the Global Trade Centre.
Details of the Transactions
- On February 13, 2026, Gaballa transferred USD 495,000 (around Ksh64.1 million) to the Conrad Law Advocates LLP Trust account at Eco Bank.
- On the same day, he also sent an additional USD 10,000 (approximately Ksh1.3 million) to another Conrad Advocates LLP account at Diamond Trust Bank.
Gaballa stated that these transfers were made at the request of Conrad Maloba while he was in Dubai, conducting the transactions from his bank on Sheikh Zayed Road. He submitted a SWIFT transfer document with an official bank stamp as evidence confirming receipt of the funds on February 13.
Background of the Case
The court heard that Gaballa had visited Kenya to negotiate the deal, resulting in the signing of two agreements: a sales and purchase agreement and a collateral management agreement. Additionally, a letter of engagement for legal services and fund management was signed with Conrad Law Advocates LLP.
The prosecution alleges that between January 19 and February 13, 2026, Duncan Okaka and others conspired to defraud Gaballa of USD 505,000 by falsely representing their ability to sell the gold, a claim they knew to be untrue.
