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Former KEPSA chairman Nicholas Nesbit charged with defrauding Bidco founder Vimal Shah Sh102 million

He was released on a Ksh 3 million bond and an alternative cash bail of Ksh 1 million.

Ex-IBM East Africa general Manager and former Kenya Private Sector Alliance (KEPSA) Chairman Nicholas Alexander Nesbit has been charged today with conspiracy to commit fraud.

Nesbit, a former Capital Markets Authority Chairman is accused of colluding with Boytorum Mehmet Bulent, with whom they co-own a company, to defraud Bidco Africa’s founder and Chief Executive Officer Vimal Shah of Ksh 102 million as they pretended to be in a position to change dollars.

“On May 24, 2023, within Nairobi County, conspired to defraud Vimal Bhimji Shah of Sh102, 437,500 by falsely pretending that you were in a position to convert the said money into US dollars, a fact you knew to be false,” the charge sheet stated in part.

He is facing charges of conspiracy to defraud contrary to section 317 of the Penal Code.

The two allegedly misrepresented their ability to supply US dollars when Kenya was facing a crisis of the Kenyan Shilling falling against the dollar in mid-2023.

They defaulted on their agreement and have been on the run until they were arrested two weeks ago.

Boytorun, a British national of Turkish origin fled the country before the Directorate of Criminal Investigations (DCI) informed the Immigration Department to prevent him from leaving the country.

The court was informed that he fled the country hence failing to appear in court.

Nesbitt was scheduled to be charged last week alongside Boytorun who his business partner, but the same was delayed.

They jointly operated a UK-based firm – Bee N Bee Limited which they used to defraud Shah.

The two also operated under BNX Partners, serving the Kenyan market with FX solutions.

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Nesbitt’s lawyers wanted the Office of the Director of Public Prosecutions (ODPP) to drop the fraud charges to have the matter settled in a civil court but the ODPP declined the request.

They wanted the criminal proceedings quashed but they were thrown out and will now face the criminal charges.

Appearing before Senior Principal Magistrate Gilbert Shikwe today, Nesbitt denied the charges pleading for lenient bond terms through his counsel Cliff Ombeta.

Ombeta told the court that his client would not flee the country nor skip the court sessions.

He was released on a Ksh 3 million bond and an alternative cash bail of Ksh 1 million.

A pre-trial is scheduled for February 19.

 

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