Paramount Bank was forced to re brand thrice to avoid a land grabbing scandal that has dogged its directors says businessman Zavarchand Ramji.
Sources in the Banking Industry said Paramount Bank changed its name from Paramount Bank Limited to Paramount Universal Bank and then back to Paramount Bank Limited.
The Bank together with its Directors Anwarali Merali, Ayaz Merali, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau have been accused of colluding to defraud a Businessman Zaverchand Ramji Shah his land in Parklands.
The directors allegedly conspired to grab property LR No. 209/6/13, IR No. 30866/9, and size 0.2617 of a hectare situated within Park-lands Nairobi County.