Four former officials of Imperial Bank Limited have been arraigned in court over allegations of defrauding the bank of more than Sh29.7 billion through an irregular and illegal overdraft disbursement scheme.
The officials Naeem Ahmed Shah, James Jamlick Kaburu, Nasir Haiderali Jessa and Nargis Aziz Jessa are facing charges of conspiracy to defraud Imperial Bank Limited, which is currently under receivership. According to the charge sheet, the accused allegedly conspired to defraud the bank of Sh29,752,718,783 between November 1, 2006, and October 13, 2015.
The prosecution alleges that the massive loss was occasioned through an irregular and illegal overdraft disbursement scheme operated during the period. The four officials are also accused of engaging in organised criminal activity. The prosecution alleges that between September 23, 2010, and October 13, 2015, they acted in concert to commit a serious offence, namely stealing for the purpose of obtaining financial benefit.
Shah and Kaburu, who allegedly served as the head of credit and head of finance respectively, are facing an additional charge of making false entries in the bank’s books.
Meanwhile, Nasir Haiderali Jessa, Zulfikar Jessa and Nargis Aziz Jessa have been separately charged with stealing Sh7,131,374,953, allegedly being property belonging to Imperial Bank Limited.
The prosecution is expected to present evidence detailing how the alleged overdraft scheme was operated and the role each of the accused persons is alleged to have played. The accused persons have denied all the charges levelled against them.
They have since been released on bail as they await the hearing and determination of the cases.
