Ex-CEO arrested over Sh1.6b Chase Bank fraud

NAIROBI, KENYA: Former Chase Bank officials have been arrested Thursday morning and expected to face fraud charges amounting to Sh1.6 billion.

The three are Duncan Kabui (former CEO), James Mwaura and Makarios Agumbi who served the bank as General Managers.

In June this year, the bank’s former Chairman Mohammed Zafrullah Khan was also arraigned in court over conspiracy to defraud the bank of similar amount.

Khan pleaded not guilty to all the five criminal counts pressed against him.

Chase bank was placed under receivership for 12 months after experiencing liquidity difficulties leading to a loss of Sh686 million for the financial year 2015.