News
The Gigantic Empire Abdulmalek Janmohamed Built With Sh34 billion Loot
Imperial Bank’s former managing director Abdulmalek Janmohamed ran an elaborate fraud scheme that robbed the lender of Sh34 billion over a period of 13 years, forcing the central bank to place it under receivership.
Using a network of 20 companies and individuals , he executed and covered up the mega fraud that shook Kenya’s financial services sector to the core.
After investigations the Kenya Deposit Insurance Corporation (KDIC) has revealed a gigantic empire that Janmohamed left behind after passing away in September 2015—just a month before the lender was placed under receivership.
Investgators say most proceeds of the fraud were invested in real estate properties. The late Mr Janmohamed left a massive estate, including prime real estate properties, shares in blue chip companies and unbeliavable amounts of cash in various bank accounts.
The Ex-boss held a 5pc stake in Butali Sugar Mills and another 5pc in Imperial Bank. He also held stakes in Old Mutual, Apex Securities Sandview Properties, Allgate Limited, Serenity Limited, Plymouth Holdings, Upperview Properties, Downtown Holdings and Nature Stone Queries.
City Park Properties, one of his many companies owns office spaces that bring in an estimated whooping Sh447,000 monthly.
Older court documents indicate that Mr Janmohammed had shares in Mauritian energy firms Titan Investments, Astonfield Solar and Asachi Solar Power Limited.
He also had shares in Parvel International, and a bank account with an undisclosed amount of money in the British Virgin Islands.
The banker also owned two beach plots in Zanzibar, a number of real estate projects in Mozambique, a studio apartment in Dubai and a share portfolio in South Africa managed by financial services firm MMI Holdings.
Mr Janmohammed’s family has in the past insisted that Mr Janmohamed had a good eye for business and wisely invested Sh1 billion he received from Imperial Bank in salaries and allowances to acquire the vast wealth he left behind.
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