Home Court News Trader Charged with Sh 230M Fraud.

Trader Charged with Sh 230M Fraud.

by Robert Guyana

Nairobi trader charged with Sh230 million property fraud A Nairobi businessman was on Thursday charged before a Nairobi court with conspiracy to defraud beneficiaries their five storey buildings in Nairobi worth Sh230 million.Nilesh Jayantilal Lalji Kotedia the Trustee of Lalji Mulji Jetha Trust Deed was accused that on unknown dates within the republic with others yet to be arrested, conspired to defraud the beneficiaries five storey building situated at Latema Road valued at Ksh.230 million.The court heard that Nilesh conspired to fraudulently transfer, sell, and convert the said property to use not authorized by the Trust Deed.He was also charged with selling the property against the wishes of the Trustee.He appeared before Milimani Chief Magistrate Susan Shitubi in Nairobi and denied the charges.He pleaded for lenient bond terms stating that he is innocent. The court released him on with a cash bail of Sh1million or a bond of Sh2million.The case will be mentioned after two weeks. 

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