Former Chase Bank managers deny fraud charge

Three former senior managers of Chase Bank were on Thursday charged with conspiracy to defraud the financial institution of Sh1.6 billion.

Former managing director Duncan Gichu; former general manager, credit, James Mwenja; and former general manager, finance, Makarios Agumbi denied the charge when they appeared before Senior Principal Magistrate Martha Mutuku.

This brings to four the number of former bosses of the bank who have been charged with fraud.

The institution’s former chairman Zafrullah Khan was earlier charged with similar offences.


He was to appear in court on Thursday for the mentioning of the case but his lawyer Cecil Miller informed the court that his doctor had recommended bed rest of between four to six weeks for him.

The three are accused of committing the offence between August 28, 2009, and March 31, 2016, at the bank’s headquarters in Nairobi.

It is alleged that they conspired to defraud the bank by effecting transfers from the institution’s internal accounts to the accounts of the Camelia Investments, Cleopatra Holdings, Golden Azure and Colnbrook Holdings companies.

After they denied the charges, Ms Mutuku directed them to deposit in court Sh5 million bond and one surety each or pay cash bail of Sh2 million each to secure their release.

The case will be mentioned on August 3.

This article was first published by Nation on July 21