@MrBruce
Post by MRBRUCE
Former Director, Ex-Nominated MCA Arraigned Over KSh 363 Million Fraud Scheme
A former company director and ex-nominated Member of the County Assembly (MCA), Salim Mohamed Busaidy, was today arraigned before a Nairobi court over an alleged fraud scheme involving KSh 363,420,459 belonging to First Assurance Investment Company Limited, where he served as a director.
Following pain staking investigations by the Directorate of Criminal Investigations (DCI) Financial Investigations Unit (FIU), Busaidy was charged in connection with the alleged theft of the funds between 18th May, 2018 and 30th April, 2024.
Additionally, FIU Investigators established that the suspect conspired with other suspects who were not before the court and exploited his position as a director, as well as his access to the company's bank accounts at NCBA Bank, KCB Bank and Co-operative Bank, to unlawfully withdraw the money which he used to acquire motor vehicles and other assets.
The accused faces various charges, comprising counts of conspiracy to defraud, stealing, making a document without authority and acquisition of proceeds of crime. Investigations further established that he forged the signature of his co-director, Governor Issa Abdalla Issa, on numerous company cheques, falsely presenting them as duly authorized to facilitate the illegal withdrawal of company funds.
The court released Busaidy on a bond of KSh 10 million with one surety of a similar amount, or an alternative cash bail of KSh 3 million. The court also ordered him to deposit his passport, obtain the court's permission before travelling outside the country, and refrain from interfering with witnesses.
Additionally, the court issued summons to the other accused persons who were absent during the proceedings, namely Chief Executive Officers (CEOs) of KCB Bank, NCBA Bank and Co-operative Bank of Kenya Limited.
A former company director and ex-nominated Member of the County Assembly (MCA), Salim Mohamed Busaidy, was today arraigned before a Nairobi court over an alleged fraud scheme involving KSh 363,420,459 belonging to First Assurance Investment Company Limited, where he served as a director.
Following pain staking investigations by the Directorate of Criminal Investigations (DCI) Financial Investigations Unit (FIU), Busaidy was charged in connection with the alleged theft of the funds between 18th May, 2018 and 30th April, 2024.
Additionally, FIU Investigators established that the suspect conspired with other suspects who were not before the court and exploited his position as a director, as well as his access to the company's bank accounts at NCBA Bank, KCB Bank and Co-operative Bank, to unlawfully withdraw the money which he used to acquire motor vehicles and other assets.
The accused faces various charges, comprising counts of conspiracy to defraud, stealing, making a document without authority and acquisition of proceeds of crime. Investigations further established that he forged the signature of his co-director, Governor Issa Abdalla Issa, on numerous company cheques, falsely presenting them as duly authorized to facilitate the illegal withdrawal of company funds.
The court released Busaidy on a bond of KSh 10 million with one surety of a similar amount, or an alternative cash bail of KSh 3 million. The court also ordered him to deposit his passport, obtain the court's permission before travelling outside the country, and refrain from interfering with witnesses.
Additionally, the court issued summons to the other accused persons who were absent during the proceedings, namely Chief Executive Officers (CEOs) of KCB Bank, NCBA Bank and Co-operative Bank of Kenya Limited.
