The suspects reportedly told the man they were keen to invest this money in the forex business.
Anne Wahu and Mary Wanjiru Kibera were accused of jointly obtaining the money from George Otunga on diverse dates between November 1 last year and February 18 this year.
The duo is accused of receiving the money at unknown places pretending that they were in a position to earn interests from the forex trading business knowing it to be untrue.
Otunga sent the suspects money through Mpesa until he got concerned and asked.
However, he was informed that his money had multiplied to Sh700,000.
But he was not given anything and the suspect he was communicating with switched off phones.
The two denied the charges before resident magistrate William Tulel of Kibera law courts and pleaded for leniency through a lawyer.
One of them claimed to be a university student starting examinations on Thursday.
They were freed on a Sh300,000 bond with an alternative cash bail of Sh50,000 each.
The case will be heard on August 4.
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