August 10, 2022

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Two directors of hotel chain charged with Sh520m fraud

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Two directors of high end chain of hotels in Nairobi are facing criminal charges related to defrauding a bank of Sh520 million.

A charge sheet filed by the police indicates that between December 10, 2018 and November 23, 2020 in Nairobi jointly with others, the duo induced Victoria Commercial Bank to execute first legal charge over an apartment to secure the amount as a valuable security.

 “Between the 10th day of December 2018, and 23rd day of November 2020 in Nairobi by false pretence and with the intent to defraud Victoria Commercial bank Limited to execute a first legal charge over Crystal Edge Apartment to secure Sh520,000,000 as a valuable security” reads the charge sheet in part.

 The bank reported that Jayesh Shanghavi and his co-director at The Good Earth Group Limited, Ninaa Shanghavi obtained facilities from them in 2018/2019 but deliberately barred it from making the perfection of security.

The two have been charged with obtaining execution of a security by false pretences contrary to section 314 of the penal code.

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