High Court freezes Ksh.135M in Egyptian national’s bank account in fraud case

The High Court in Nairobi has issued orders stopping an Egyptian national working in Kenya from accessing over Ksh.135 million held in Diamond Trust Bank (DTB).

"That pending hearing and determination of this application an order freezing the respondents account held in any Kenyan financial institution specifically at Diamond Trust Bank and any other accounts identified in the course of investigations," reads the order.

The orders have been issued after a foreign investor moved to court seeking to have the Directorate of Criminal Investigations (DCI) compelled to probe the businessman for allegedly defrauding him over Ksh.135 million.

He argues that he sought to invest in real estate in the country, adding that he engaged the businessman through AAD Real Estate and that he promised to hand over both residential and commercial properties by December 2023.

Through lawyer Danstan Omari, the investor says that the projects remain a ghost-town and the businessman has declined to provide sufficient reasons.

"We trusted him but he not only became hostile, he has refused to refund the monies he obtained to date a sum of USD 1,040,000," reads court papers.