Flamboyant businessman Jared Otieno has been arrested by the police over the ongoing probe that he swindled foreigners in a gold export business deal.

The police raided his palatial home in Karen on Wednesday but did not find him.

DCI George Kinoti told the Star on the phone that the suspect was arrested in his Karen home later Wednesday evening.

"He is part of a wider gang and we are still pursuing others. These people are harmful to the economy since they are selling what does not exist," he said.

"They have wreaked havoc on many people. This is a criminal enterprise and we are determined to dismantle it."

The flashy businessmen who also owns a home in Lavington is still MIA as police officers did not find him at that residence either.

Sources claim that his Karen home was yet to be occupied by the businessman and he had furnished the residence to a tune of Ksh110 million. It is reported that he paid cash for it.

“We have information that Jared paid Sh110 cash for this house and we have found things in the house that belong to him,” said a police officer involved in the investigation.

Jared is famous for spending Sh30 million to acquire a customised Porsche.

He hit the headlines after his expensive traditional wedding in Meru. The ceremony was attended by Kisumu Governor Anyang’ Nyong’o, Meru’s Kiraitu Murungi and former cabinet minister Chris Obure.

Two months before the wedding, he had splurged Sh15 million in a pre-wedding party held at his rural home in Ndhiwa, Homa Bay county.

The bride-to-be, Kendi Mwiti, arrived in a chopper, while Otieno came in a convoy of 18 Range Rovers and a Porsche Cayenne.

Now in his 40, Jared is the  founder and CEO of Express Feeders Limited. He has two children.

Here are photos of Jared's show of opulence. He parties and plays hard.