Otieno who appeared in court on Friday was arrested following investigations by Directorate of Criminal Investigations detectives into the fake gold syndicate in the country.
The sleuths also seized two of his brand-new vehicles–a Porsche and Bentley–that were parked at his palatial home in Nairobi’s Karen.
Several other suspects–including Zaheer Jhanda–whom police describe as a person of interest in the investigation are being sought.
DCI Director George Kinoti says the investigation was launched following numerous complaints from those conned–including United Arab Emirates leader Sheikh Al Maktoum.
18 suspects were arraigned in court on Tuesday, with police now allowed a week to conclude investigations against them before they can face formal charges.