Owner of famous food joints in Nairobi has been charged with obtaining Loan amounting to Sh 520 Million from Victoria Bank with fraudulent security.
Jayesh Umedal Shanghavi and his co-accused Nina Jayesh Shanghavi and Good Earth (Group) Limited were charged that on December 23,2018 and November 23,2020 in Nairobi within Nairobi County, by false pretense,and with intent to defraud ,jointly with others not before court, induced Victoria Commercial Bank Limited to execute a First Legal Charge over apartment Number B2 erected on land Reference Number 1870/11/253,Nairobi (Crystal Edge Apartment) to secure the amount of Sh 520,000,000 as a valuable security.
He appeared before magistrate Wendy Nyamu and denied the charges.
Nina Jayesh Shanghavi did not appear in court.
He has been released on Sh 400,000 cash bail or a bond of Sh 1 million.