The former Capital Markets Authority Chairman Nicholas Nesbit was on Thursday arraigned before a Nairobi court and charged with defrauding Bidco boss Vimal Shah Sh 102 M.
It is alleged that he conspired to defraud Vimal Bhimji Shah Sh 102,437,500 by falsely pretending he would convert the said money into US dollars.
Nesbit was set to be charged alongside his business partner, Boytorun Mehment Bulent, a British National but he was not present in court.
The court was told that Bulent fled the Jurisdiction of the court after running out of the country immediately he was released on police cash bail of Sh 200,000 last week after arrest.
It is believed that Bulent flew the country before a red alert issued by police on his passport could take effect.
It is alleged that Nesbit and Bulent used their Bee N Bee Kenya Limited business power to lure the complainant into believing their trick.
Nesbit denied the charge begire Magistrate Gilbert Shikwe and pleaded with the court to release him.
Through his advocates Danstan Omari and Cliff Ombeta, he urged the Court to maintain the Sh 200,000 police cash bail issued to his client by the police saying he voluntarily brought himself to court.
He was released on a Sh 3 M bond and two sureties or an alternative cash bail of Sh 1 M.
