How Nairobi Businessman Plotted Sh230M Property Fraud

A city tycoon was on Thursday, September 21, 2023, charged in Milimani Law court with conspiracy to defraud beneficiaries of a five-storey building along Latema Road in Nairobi county worth Ksh230 million.

Appearing before Chief Magistrate Susan Shitubi, the businessman Nilesh Jayantilal Lalji Kotedia the Trustee of Lalji Mulji Jetha Trust Deed faced three charges of conspiracy to defraud, fraudulent disposal of trust property and false swearing levelled against him by the office of the Director of Public Prosecutions (ODPP).

Jayantilal denied that on unknown dates within the republic jointly with others yet to be arrested, conspired to defraud the beneficiaries of a five-storey building situated at Latema Road valued at Ksh230 million.

The court heard that Jayantilal conspired to fraudulently transfer, sell, and convert the said property to use not authorized by the Trust Deed.

He was also charged with selling the property against the wishes of the Trust.

On the second count of fraudulent disposal, the trader denied that on or about March 15, 2019, at Catherine Ngunjirl Advocates office within Nairobi County, being a Trustee of Lalji Mulji Jetha Trust Deed including and not limited to a five storey Building on LR. No. 209/2303 IR No. 81316 along Latema Road within Nairobi CBD, valued at Kshs 230 million with intent to defraud the Beneficiaries of the Trust, fraudulently transferred and sold the said property against the wishes and use authorized by the Trust.

“On December 11, 2012, at Victoria M. Mwangome Advocates office within Nairobi County, before Victoria Mwangome Advocate, a person authorized to administer an oath, you swore an Assent upon a matter of Public concern to the effect of a five storey Building on LR. No. 209/2303 valued at Ksh 230 Million was registered in the name of your late father Jayantilal Lalji Mulji Kotedia giving you the authority to convert it to a use not authorized by the Trust Deed,” Count three of the charge sheet stated.

Jayantilal after denying the charges urged the court to be lenient when granting bail saying he is willing to abide by all conditions set by the court.

He further stated that he is the breadwinner of his entire family since his wife is sick and has been caring for her.

The businessman also said that he has since reached out to the complainants and is willing to settle the matter out of court.

He tabled a letter in court indicating the negotiations into the matter are ongoing and has since written to the DPP informing him of the same.

The prosecution however did not oppose the release of the accused on bail but urged the court to issue bond terms that are proportional to the offences facing him

Magistrate Shitubi ordered Jayantilal to be released on a bond of Ksh 2 million with an alternative cash bail of Ksh 1 million.