A controversy of the ownership of the said land in Park-lands area still remains after Paramount Bank denied auctioning it without following due process.
The land is said to belong belonging to Zaverchand Ramji Shah.
The Bank claims it did due diligence and auctioned the land after Zaverchand failed to pay Sh 24 million loan.
Zaverchand have since produced documents to the members of the fourth estate indicating he paid Sh 25 million to the Bank after a court had ordered him to do so to save his property.
He said he deposited the cash to Paramount Bank and the Bank ignored him.
However, the Bank documents indicate that the land was transferred to KURWA Limited, a company associated with the late Limuru MP Kuria Kanyingi.
A search at the registrar of Companies on 29th October 2013 indicated that the registered directors of KURWA limited were Simon Kuria Kanyingi, and Jerioth Wangui Kanyingi.
On 22nd April 2008, Zaverchands land was transferred to KURWA limited and to Karim Kanani.
No cash was exchanged.
The transfer documents were signed by advocate Mercy Kamau who is also a director at Paramount Bank.
In the transfer documents, one Susan Wangui a second wife to Kuria Kanyingi is introduced as a director of KURWA limited.
Susan latter told detectives at the land fraud unit that her signature was forged, and pictures used were those when she was young.
Jerioth Wangui also denied signing transfer documents.
Ayaz Merali the CEO of paramount Bank told detectives on 20th January that he cannot remember at what point he engaged Garam actioners.
He said the Bank never engaged Zaverchand about the land and never obtained any consent from him to transfer the land on 22nd April 2008.
He claimed Susan Wangui was a director of KURWA Limited, yet Susan said she is not.
On 30th August 2019, Gram auctioneers wrote to the head of Land fraud at the DCI saying that they have never dealt with Paramount Bank and never auctioned Zaverchands land.
“We confirm that we have only dealt with LR no 209/4201 Limuru Road only and not LR NO. 209/6/13 original NO 209/6/4/1 and the property was never auctioned as the debtors negotiated with the I $ M bank and the auction was cancelled,” Garam Investments wrote to the DCI.
The controversy still rages on after the Bank claimed to have obtained court orders to evict Zaverchand.
According to the Court registrar at Milimani Commercial courts, a Mr Opande, there was a genuine court order on 5th March 2019 against Zaverchand.
He was able to have the order canceled.
However, the Bank and Siuma auctioneers headed by Zacharia Baraza allegedly forged a court order on 3/5/2019 and evicted Zaverchand from his land.
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