The seven men accused of mimicking President Kenyatta and defrauding Sameer Africa Finance Director Akif Hamid Butt of Sh10 million have taken plea.
Mr Joseph Waswa, Mr Duncan Muchai, Mr Issack Wanyonyi, Mr William Simiyu, Mr David Kikuyu, Mr Gilbert Kirunja and Mr Antony Wafula denied the charge on Wednesday morning and were freed on Sh20,000 bond each.
Nairobi Chief Magistrate Francis Andayi gave the accused an alternative cash bail of Sh100, 000 each.
The seven were accused of stealing from Mr Butt between January 24 and February 1.
Mr Andayi directed the accused to be reporting once every week to the investigating officer for the next three weeks.
He dismissed an application by the state prosecutor Riungu Gitonga to deny the accused bond to enable police complete investigations.
"The offence against the accused persons is a misdemeanour whose penalty is three years upon conviction," said the magistrate.
He said the offenders may also be committed to community service.
Defence lawyers Cliff Ombeta, June Ashioya and Nelvile Amolo told the magistrate that the accused were arrested on February 21 and attempts to have them locked up for 30 days were rejected by senior Principal Magistrate Peter Ooko.
The case will be mentioned on March 11 for further directions.