Chase Bank boss arrested, to take plea over fraud at institution


fqdmtrqxi4kdgbu459533d7edd941 Chase Bank boss arrested, to take plea over fraud at institution

NAIROBI, KENYA: Top Chase Bank officials are being sought for grilling and prosecution over corruption claims at the institution that occasioned it to be put under receivership.

This was after detectives from Banking Fraud Unit arrested former Chase Bank chairman Mohamed Zafrullah Khan Tuesday night.

He spent the night in police custody and is Wednesday expected to answer to charges of money laundering and theft of money.

His lawyer Cecil Miller tried to have him released on cash bail in vain.

“They refused to release him. We are headed for court,” he said Wednesday morning.

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Khan is among seven senior bank managers whom the Director of Public Prosecution (DPP) Keriako Tobiko authorized their prosecution. The other six are yet to be found.

“They know they are supposed to take plea and it is upon them to come forward to make things easier,” said head of Banking Fraud Ngatia Iregi.

The bank was placed under receivership for 12 months after experiencing liquidity issues that led to a loss of Sh686 million for the financial year 2015.

Managing director Duncan Kabui and Khan resigned following public concerns on the bank’s performance.

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