The Director of Kipsigis Stores Ltd was on Monday charged before a Nairobi court with defrauding Diamond Trust Bank Limited of Sh 30.8 Million through fraudulent loans.
Samuel Mutai was arraigned before Chief Magistrate Lucas Onyina where he denied defrauding the bank.
It was alleged that he defrauded Diamond Trust Bank Sh 30,888,000 by means of obtaining loans against several collaterals.
He was also charged with disposing a Mortgaged two Ashok Avia Trucks, and two Isuzu FVR Trucks the property of Diamond Trust Bank without the consent of the said bank.
Mutai denied the charges and was released on a bond of Sh 1 million.
The court further issued a warrant of arrest against Kipsigis Stores Limited, Alfred Kipkorir Mutai and John Fernandes Muiga, the other accused persons in the case who failed to appear in Court for plea taking.
