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After denying the charges, the state prosecutor did not oppose his release on bail.
Mombasa Chief Magistrate Alex Ithukua said the five have no case to answer.
Prosecutors allege the scheme diverted over Sh17 million through Archprime Medical Clinic to the accused.
According to the DCI, the man, together with an accomplice, lured the investor with promises of a lucrative gold deal that turned out to be a sham.
An Indian man accused of committing fraud was released on a bond of Sh4 million after being arraigned for obtaining money by false pretence.
They were charged with conspiracy to commit a felony, computer fraud, unlawful possession and use of an identity card, and obtaining registration by false pretenses.
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