Directors Muthiani Mwangangi and Eveline Mbithe, of a Machakos land-buying company have denied 10 counts of charges placed against them, involving land valued at 54.8 million.
The New Konza South Ranch Limited directors faced Milimani Senior Principal Magistrate Kennedy Cheruiyot.
They were accused of fraudulently obtaining more than Sh1.1 million from several people and conspiring to defraud Kapiti Plains Estate Limited of the Sh54.8 billion.
Mr Mwangangi and Ms Mbithe applied for release on reasonable bail terms saying they were sickly.
State prosecutor Kennedy Panyako did not oppose the request so the court granted them release on cash bails of Sh300,000 each.
Their case will be mentioned on January 25.