Ketan Somaia, a man involved in the 1990s infamous Goldenberg scandal, has been ordered by a UK court to pay back Sh5.7 Billion to investors who he swindled in what was described to be one of the biggest private prosecutions in Britain.
Presiding over the case, Judge Richard Hone QC, labeled the Kenyan-born businessman a 'formidable and serial fraudsman on a truly Olympian scale.'
The former tycoon was directed by the judge in a confiscation order to pay Sh2.9 Billion to the public purse, Sh2.6 Billion to Murli Mirchandani and an additional Sh29 Million to Dilip Shah.
It is reported that Somaia conned his victims in order to sustain his luxurious lifestyle, assuring them ‘my word is my bond’. The 'King Con', who lived in the UK since 2009, is said to have evaded taxes in the country, claiming he was not sure of his status there.
The Tuesday ruling followed a complaint from his main victim, Mirchandani, who told the court that he was down on his last Sh23.6 Billion.
"The theft of £13.5 Million by Ketan Somaia from me has had a devastating effect on my life, my health, my business, and regrettably, on my family." Mirchandani was quoted by Daily Mail.
'My entire family and I were left completely broken by this cruel fraud and for many years we believed that we would never see Mr Somaia brought to justice and pay for what he has done," he added.
Somaia is currently serving eight years in prison after he was convicted in July 2014 for masterminding the scam on investors.
