Interpol Directed To Arrest In Hiding Tycoon Behind Sh700M Bank Theft

A Nairobi court has ordered the immediate arrest of a fugitive wanted over the alleged transfer of ownership of trucks owned by a logistics company and which were used as security to borrow a Sh700 million loan.

Senior Principal Magistrate Gilbert Shikwe issued a warrant of arrest, which will be effected by the Interpol, for the apprehension of Guarav Jayesh Kumar Kotecha. The tycoon is believed to be hiding in the United Kingdom.

The businessman has failed to appear in court on several occasions for plea taking over the fraud, forcing the magistrate to issue the warrant for his arrest.

In the case, Kotecha and Midland Hauliers limited are accused of conspiracy to defraud Prime Bank limited of Sh700 million.

The charges allege that on April 29, 2019 at Midland Hauliers limited (under administration) offices along Kyangombe road in Nairobi, being directors and company respectively, they jointly conspired to transfer three vehicles.

The court heard that they committed the offence with intent to defraud Prime Bank Limited Sh706, 980, 273 by transferring three motor vehicles from Midland Hauliers to Hakika limited without the administrator’s authority.

The prosecution told the court that on the same dates in the year 2019 at Midland Hauliers, the accused persons disposed of the three vehicles from Midland Hauliers to Hakika limited without the administrator’s authority.

Kotecha is further alleged 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 the administrator.

Jayesh and Midland Hauliers are also facing charges of failure to submit statements of the company affairs to the appointed administrator and failure to give the appointed company administrator information concerning the company contrary to section 679(3)(a) of insolvency Act.

Jayesh is currently out on a bond of 5million or cash bail of 2 million pending their criminal trial.

The matter will be mentioned on January 18, 2022 to confirm the progress made in arresting the second accused person.