As the world edges closer to conflict, countries are rushing to hoard gold—and intelligence agencies are increasingly part of the chase.
“They are using their intelligence teams, or crooks,” said a source at one of the embassies, describing the lengths governments are going to secure the precious metal. In parts of Asia, citizens have even been mobilized to buy on behalf of their states.
The global scramble has spilled into East Africa, turning Kenya into a fertile ground for fake gold deals that have triggered a series of arrests.
In one case, a foreign investor was conned out of USD 618,000 (Ksh 79.8 million). Another scam drained USD 265,200 (Ksh 38 million) from an international buyer. A more elaborate scheme, targeting foreign investors, ended with losses of USD 54,300 and the arrest of 31 suspects in police raids. Earlier this year, five people were caught in a USD 120,000 scam, while a Pakistani national lost Ksh 4.5 million (USD 34,800) in yet another deal.
Together, these scams amount to about USD 1.05 million (more than Ksh 140 million), underlining the reach of Kenya’s underworld in exploiting the global gold rush. Officials say at least 40 to 45 suspects have been arrested in recent months.
But what local crooks fail to grasp is the danger of their deception. Many do not know whom they are dealing with—whether it is ordinary traders, criminal cartels, or state-backed agents pursuing gold on behalf of governments. “They should be happy they were arrested; otherwise, they would be dead,” a senior officer warned, suggesting that powerful buyers would not hesitate to silence anyone who crosses them.
The surge of arrests exposes how Kenya’s fake gold trade has been pulled into the orbit of international demand—where what looks like easy money for scammers is, in reality, a perilous gamble in a high-stakes global hunt for gold.
