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Former Chase Bank boss charged with Sh1b fraud

Bernice Muhindi @BerniceMuhindi

Former Chase Bank Limited chairman Mohammed Khan was yesterday charged with conspiracy to defraud the bank Sh1.1 billion.

Khan, who was charged alongside nine others who were not in court appeared before Nairobi Senior Resident Magistrate Hellen Onkwani and denied the charges.

The former Chase Bank boss is also accused of jointly stealing Sh1,150,125,587 from the institution between January 23, 2015 and March 31, 2016.

He also faces another count of stealing by director of the said amount of money and two other counts of money laundering. The court heard that together with three other directors, he withdrew Sh1.1 billion from a Chase Bank account and facilitated the transfer to Paramount Universal Bank account knowing the money were proceeds of crime.

The ex-banker has two other similar cases pending in court.  His lawyer Cecil Miller  asked the court to allow the bail terms issued in the other two similar matters to apply in this current matter and if not possible, the court  to grant a bail of not more than Sh2 million.

Onkwani directed the accused to be detained in Kileleshwa Police Station until on Monday when she will make a ruling. She further issued warrants of arrest against Patrick Mweu Musimba, Angela Mwende Musimba , Lucien Sunter Vlasman and Ronald Petrus  after they failed to appear in court.

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