KCB seeks DCI intervention over an alleged €978.7 million (about Sh147 billion) remittance into a customer’s account, telling the Banking Fraud Investigations Unit it believes falsified documents are being used against it. The matter is now both a High Court dispute and a criminal complaint, and it is worth understanding as a legal question, not a verdict.
The bank has reported Foxcapital Investment Limited to the Directorate of Criminal Investigations (DCI), accusing the company of relying on allegedly falsified banking and internal KCB documents in a commercial case before the High Court.
The complaint relates to High Court Commercial Suit No. E533 of 2026, Foxcapital Investment Limited v KCB Bank (Kenya) Limited, in which Foxcapital is pursuing a claim linked to an alleged transfer of €978,675,835. KCB told the DCI that Foxcapital’s case is based on an alleged remittance made by BB Biotech AG Limited, now known as Bay Bionics Limited, from an account held at UBS Switzerland AG to Foxcapital’s euro account at KCB’s Sarit Centre Branch.
The bank says the alleged transfer was made on or about November 28, 2025. The alleged transaction is tied to a Partnership Agreement on Investment and Financial Co-operation dated October 21, 2025, which Foxcapital says it entered into with BB Biotech AG Limited to finance and implement strategic investment projects in Kenya.
In an affidavit filed in the High Court, Foxcapital Group Chief Executive Officer David Dudi Akech says he is authorised to swear the affidavit on behalf of the company and is conversant with the facts surrounding the dispute. The affidavit states that the agreement was entered into with BB Biotech AG Limited, a company incorporated in England and Wales and subsequently renamed Bay Bionics Limited.
The commercial case took a more serious turn after KCB questioned the authenticity of several documents presented by Foxcapital as evidence.
Among the documents flagged by the bank are purported SWIFT messages, including an MT103, allegedly originating from UBS Switzerland AG and apparently relied upon to support the alleged transfer of the €978.7 million. KCB also questioned what it described as a purported P1 Incident Report dated April 17, 2026, allegedly issued by its Head of Compliance and Ethics, John Ndegwa.
A second internal document under scrutiny is an alleged Financial Crime Review and AML/CFT Clearance dated May 18, 2026, purportedly authored by KCB’s AML Compliance Manager, Chanya Kombo, and addressed to Ndegwa. The bank listed the documents in its complaint to the DCI, including the purported SWIFT messages and the internal KCB records.
“The purported SWIFT messages alleged to have originated from UBS Switzerland AG including SWIFT MT 103 which are produced as exhibit ‘DDA 6’ to the exhibit to the affidavit of David Dudi Akech sworn on 3 August 2026.”
KCB further identified the alleged internal reports among the documents filed in court, saying they had been presented as exhibits to Akech’s affidavit. The bank has now asked the Banking Fraud Investigations Unit to investigate the documents and the representations made in the High Court proceedings.
The complaint is significant because the alleged falsification is not simply being raised as a defence in the commercial dispute; KCB has taken the issue to criminal investigators, asking the DCI to establish how the disputed documents were created, where they originated and how they came to be filed in court.
KCB’s complaint states:
“We are writing to lodge a complaint against Foxcapital Investment Limited (‘Foxcapital’) with respect to representations made under oath and documents filed in High Court Commercial Suit No E533 OF 2026, Foxcapital Investment Limited v KCB Bank (Kenya) Limited.”
The DCI complaint does not, however, determine whether the documents are fake or whether Foxcapital or any individual committed a criminal offence. Those remain allegations that must be investigated and, if necessary, tested through the criminal justice process.
The High Court will meanwhile have to determine the underlying commercial dispute, including the competing positions surrounding the alleged €978.7 million remittance and the investment agreement relied upon by Foxcapital.
For KCB, the immediate issue is whether documents presented as banking records and internal correspondence can be authenticated.
The matter now places a potentially massive commercial claim alongside a criminal investigation into the evidence being relied upon to support it.
