Businessman Paul Kobia, who was earlier arrested for abducting a Congolese national, has been released on Sh100,000 cash bail.
Kobia appeared before Milimani resident magistrate Miriam Mukule alongside four others - Alvin AnZaya, Nelson Muyi, John Mutwiri and Martin Mwangi.
They were all granted the cash bail with the option of Sh200,000 bond.
The four other suspects are said to be Kobia's employees.
The five were accused of abducting and assaulting Blanchard Condole from Kindaruma road in Nairobi on Wednesday night.
Condole was kidnapped from Bodson Spa and Lounge and taken to his house along Muzima springs in Kileleshwa.
Kobia is said to have threatened him with a gun, which police confiscated, over a Sh40 million debt.
An affidavit the investigating officer presented in court stated that the victim suffered serious injuries and is admitted at Nairobi Women's Hospital
Police asked for 14 days to complete the "complex" investigation and said they needed to pursue all leads.
The prosecution said the five suspects actively participated in the crime.
But Mukule denied the request saying investigations can be conducted while the suspects are out on bond.
She asked the accused to report to Kilimani police station on three days.
In 2015, Kobia was linked to the death of Fidel Odinga, son of opposition chief Raila Odinga. He denied the claim.
Kobia said the claims published on social media sites and some newspapers were "false and malicious".
The businessman with interests in gold is a licensed firearm holder who once shot a motorist on Limuru road, prompting the withdrawal of his firearm licence.
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