Senior officials of Imperial Bank have been accused of swindling over Sh34 Billion from the institution between 2002 and September 2015.
Documents presented in court revealed that the death of former group Managing Director Abdulmalek Janmohamed on September 15 this year, triggered the subsequent occurrences that have landed the financial institution in trouble.
Upon Mr Janmohamed's demise, the bank was placed under recievership after Managing Director Naeem Shah and his deputy James Kaburu revealed the scam to the Central Bank of Kenya.
Mr JanMohammed who owned property and businesses across the country, allegedly used a network of 20 companies and individuals to defraud the bank.
The deceased allegedly falsified lender's books of accounts and manipulated the bank's software system in order to hide the Billions, only involving a selected few among the managers.
Mr Janmohammed together with his accomplices, used 12 companies to open accounts in the bank where they deposited massive cash that was withdrawn before the bank was closed down two weeks ago.
On Tuesday the court gave an order to freeze bank accounts of the accused persons and known assets associated with Mr JanMohamed in Kenya, including seven prime properties in Nairobi and Ruiru.
The empire left by Mr JanMohamed include companies in which he owned shares namely: Butali Sugar Mills, Imperial Bank, Old Mutual and Apex Securities, Sandview Properties, Allgate Limited, Serenity Limited, Plymouth Holdings, Upperview Properties, Downtown Holdings and Nature Stone Queries.
An American consulting firm has been hired by CBK to audit and unravel details involved in the Multibillion Dollar Ponzi scheme.
