The Assets Recovery Agency (ARA) has lost a case in which it wished to attach the luxury car, a Porsche Panamera worth Sh30 million belonging to Jared Otieno to the case in which he is charged for defrauding a Dubai royal Sh300 million.
High Court Judge John Onyiego asked the police to release the car to Mr Otieno, arguing there was no proof it was bought using proceeds of crime.
In 2017, Jared Otieno had his first trouble with the authorities when he was accused of obtaining Sh22 million from two foreign complainants.
Last year, a man linked to the United Arab Emirates royal family is alleged to have been conned by a group that includes, among others, Bungoma senator Moses Wetang’ula, Zaheer Jhanda and Jared Otieno.
Jared obtained Sh300 million from Sounthorn Chanthavong, a director of Simoung Group Company, claiming that he would sell him gold
The Porsche Panamera was impounded last year alongside a custom-made 2018 Bentley Continental GT worth at least Sh47 million as detectives investigated the fake gold ring.
Justice Onyiego did not release the 2018 Bentley Continental GT, which the ARA wants its ownership transferred to the State.
ARA plans to head to Court of Appeal to oppose the decision by the High Court to release the Porsche and Justice Onyiego had this to say.
“The applicant should concentrate with the appeal and if necessary, obtain a further stay of execution orders there,” he said, adding that if the appeal succeeds, the vehicle will be repossessed.
The ARA claimed he was part of an international syndicate which has been in existence since 2012, fraudulently obtaining from investors monies on the pretense that they have precious metals, including gold.
“The respondent has no source of legitimate income and has been filing nil returns with the Kenya Revenue Authority since 2014 to date, which is the period the said motor vehicles were acquired,” the application for preservation stated.