British Investor Charged In Sh700M Bank Fraud

A British and Tanzanian have been charged alongside their companies with conspiracy to defraud Prime Bank Limited Sh 706 million.

Jayesh Kumar Prabhudas Kotecha (British), Guarav Jayesh Kumar Kotecha (Tanzanian), Midland Hauliers Limited and Hakika Limited  are accused that on 29th April 2019 at Midland Hauliers limited (under administration) offices along Kyangombe road in Nairobi being directors and companies respectively, with intent to defraud Prime Bank Limited Sh 706, 980, 273 conspired jointly with others not before court to transfer three motor vehicles from Midland Hauliers to Hakika limited without the administrator’s authority.

Jayesh and Midland Hauliers are accused that on the same date and place, being a director and company respectively, and a mortgagor of aggregate facility of Sh 706, 980, 273 with Prime Bank jointly with others not before court and with intent to defraud disposed three mortgagor vehicles from Midland Hauliers to Hakika limited without the administrator.

Jayesh Kumar Prabhudas Kotecha is also charged that on April 29, 2019 at Midland Hauliers limited offices being director of the company performed a management function to transfer three motor vehicles from Midland Hauliers to Hakika limited without consent of the said bank. They are also charged with performing a management function in a company under administration without the consent of the administrator.

The two are also charged with failure to submit statement of the company affairs to the appointed administrator and failure to give appointed company administrator information concerning the company contrary to section 679(3)(a) of insolvency Act.

Jayesh and Midland Hauliers limited pleaded not guilty before Senior Principal Magistrate Bernard Ndungi.

However, Guarav and Super Hakika limited did not appear in court to plead to the charges because he is allegedly stydying in the United Kingdom. Court issued summons and a warrant of arrest against the two.

Jayesh and Midland Limited were released on a bond of Sh 5 million with alternative cash bail of Sh 2 million each. He was also ordered to deposit his passport in court.