A currency exchange deal that was supposed to yield a better rate than official banking channels has now landed a businessman and a former top corporate executive in court, accused of defrauding Bidco Africa founder Vimal Shah of Ksh 102 million.
The case, which has taken a dramatic twist, involves Nicholas Alexander Nesbit, a former IBM East Africa General Manager, and Mehmet Bulent Boytorun, a British national of Turkish origin. The two allegedly convinced Shah that they could exchange Ksh 102,437,500 into U.S. dollars at a more favorable rate than banks. Trusting them, Shah handed over the money on May 24, 2023. However, the promised transaction never materialized, and the two allegedly vanished with the funds.
As days passed without any communication, Shah turned to the Directorate of Criminal Investigations (DCI) to track them down and recover his money. Investigations revealed that Nesbit and Boytorun operated under Bee and Bee Limited, a company registered in London, as well as BNX Partners, which provided foreign exchange solutions in Kenya.
Authorities managed to track down Nesbit, but Boytorun fled the country before the DCI alerted the Immigration Department. The court was informed that Boytorun remains at large. Nesbit was arrested and charged with conspiracy to defraud, contrary to Section 317 of the Penal Code.
Appearing before Senior Principal Magistrate Gilbert Shikwe, Nesbit denied the charges and was released on a Ksh 3 million bond or a Ksh 1 million cash bail. His lawyer, Cliff Ombeta, assured the court that his client would not flee or skip proceedings.
However, the case took an unexpected turn when Nesbit, through his lawyer Danstan Omari, requested the court to also charge Shah. Omari argued that Shah was trying to access dollars outside the Central Bank of Kenya’s regulations, implying that the transaction itself was unlawful.
“We are asking the court to defer the matter and also asking the Director of Public Prosecutions to charge Bidco CEO Vimal Shah,” Omari told the court.
The ODPP has yet to respond to the application, but sources indicate that both the DCI and the Banking Fraud Unit are investigating the matter further. The case is set for mention on January 23, 2025.
