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The office of the Director of Public Prosecution has said that it will hasten the arrest and prosecution of top Paramount Bank officials implicated in the illegal acquisition of a prime parcel of land in Parklands.
The officials are Anwarali Merali and Ayaz Merali who are father and son respectively, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau (bank director) and lawyer who executed the transfer.
The land in question is LR No. 209/6/13, IR No. 30866/9, and size 0.2617 of a hectare situated within Parklands, Nairobi County.
A senior official from the DPPs office who requested anonymity said the file has reached the DPPs office and its among those being given priority.
“This matter has been adversely mentioned in both mainstream and social media. We have the file with us and soon, you will see action,” he said.
Last week, Businessman Zaverchand Ramji Shah appealed to DPP Nordin Haji to hasten the probe into the grabbing of his land.
Early this year, the DCI lands fraud unit wrote to Hajis office recommending the arrest and prosecution of Paramount Bank officials led by Director Ayaz Merali.
Last month, Zaverchand wrote to the CBK complaining about the Bank.
CBK commenced investigations into Paramount Bank over illegal acquisition of the land.
The Central Bank wrote to Paramount Bank to respond to queries, but insiders say Paramount Bank has not responded.
In a letter dated October 22, 2020, CBKs Daniel Muguima on behalf of the Director, Bank Supervision said it has received a complaint against Paramount Bank from Zaverchand Ramji Shah.
The letter sent to Osundwa and Company advocates said the complaint is about fraudulent dealings over L.R NO. 209/6/13, original NO. 209/6/4/1 by Paramount Bank.
Zaverchand complained to the Central Bank Governor Patrick Njoroge, Kenya Bankers Association, the Consumer Federation of Kenya, and the Law Society of Kenya.
In all the letters, he said Paramount Bank illegally disposed him of his land.
He said the current value is shs 400 million.
The matter has been in court.
Later, a court ruled that he should deposit shs 25 million with the bank to secure his land which he had used as collateral.
Zaverchand said he deposited the cash with Paramount Bank, but Paramount ignored him and purportedly engaged an auctioneer to auction the land.
He said in the letter that Garam Auctioneers denied ever auctioning the land.
However, in a strange twist, in an affidavit sworn by one of the Banks directors Ayaz Merali on 24th July 2020, he admitted that Zaverchand deposited shs 25 million to the Bank as loan payment.
The Bank transferred the land to KURWA limited.
KURWA limited is associated with former Limuru MP Kuria Kanyingi.
He said Kanyingi’s two wives Jerioth Wangui and Susan Wangu denied being involved in the land saga.
A search at the registrar of Companies on 29th October 2013 indicated that the registered directors of KURWA limited were Simon Kuria Kanyingi, and Jerioth Wangui Kanyingi.
On 22nd Apri2008, Zaverchands land was transferred to KURWA limited and to Karim Kanani.
No cash was exchanged.
NLC has also said the transfer was illegal.
However, insiders say Paramount Bank is set to close since many corporate clients are leaving and other commercial banks fear lending Paramount Bank cash because of the Parklands land scandal.
DPP’s office to hasten prosecution of top Paramount Bank officials who fraudulently acquired Parklands land
The office of the Director of Public Prosecution has said that it will hasten the arrest and prosecution of top Paramount Bank officials implicated in the illegal acquisition of a prime parcel of land in Parklands.
The officials are Anwarali Merali and Ayaz Merali who are father and son respectively, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau (bank director) and lawyer who executed the transfer.
The land in question is LR No. 209/6/13, IR No. 30866/9, and size 0.2617 of a hectare situated within Parklands, Nairobi County.
A senior official from the DPPs office who requested anonymity said the file has reached the DPPs office and its among those being given priority.
“This matter has been adversely mentioned in both mainstream and social media. We have the file with us and soon, you will see action,” he said.
Last week, Businessman Zaverchand Ramji Shah appealed to DPP Nordin Haji to hasten the probe into the grabbing of his land.
Early this year, the DCI lands fraud unit wrote to Hajis office recommending the arrest and prosecution of Paramount Bank officials led by Director Ayaz Merali.
Last month, Zaverchand wrote to the CBK complaining about the Bank.
CBK commenced investigations into Paramount Bank over illegal acquisition of the land.
The Central Bank wrote to Paramount Bank to respond to queries, but insiders say Paramount Bank has not responded.
In a letter dated October 22, 2020, CBKs Daniel Muguima on behalf of the Director, Bank Supervision said it has received a complaint against Paramount Bank from Zaverchand Ramji Shah.
The letter sent to Osundwa and Company advocates said the complaint is about fraudulent dealings over L.R NO. 209/6/13, original NO. 209/6/4/1 by Paramount Bank.
Zaverchand complained to the Central Bank Governor Patrick Njoroge, Kenya Bankers Association, the Consumer Federation of Kenya, and the Law Society of Kenya.
In all the letters, he said Paramount Bank illegally disposed him of his land.
He said the current value is shs 400 million.
The matter has been in court.
Later, a court ruled that he should deposit shs 25 million with the bank to secure his land which he had used as collateral.
Zaverchand said he deposited the cash with Paramount Bank, but Paramount ignored him and purportedly engaged an auctioneer to auction the land.
He said in the letter that Garam Auctioneers denied ever auctioning the land.
However, in a strange twist, in an affidavit sworn by one of the Banks directors Ayaz Merali on 24th July 2020, he admitted that Zaverchand deposited shs 25 million to the Bank as loan payment.
The Bank transferred the land to KURWA limited.
KURWA limited is associated with former Limuru MP Kuria Kanyingi.
He said Kanyingi’s two wives Jerioth Wangui and Susan Wangu denied being involved in the land saga.
A search at the registrar of Companies on 29th October 2013 indicated that the registered directors of KURWA limited were Simon Kuria Kanyingi, and Jerioth Wangui Kanyingi.
On 22nd Apri2008, Zaverchands land was transferred to KURWA limited and to Karim Kanani.
No cash was exchanged.
NLC has also said the transfer was illegal.
However, insiders say Paramount Bank is set to close since many corporate clients are leaving and other commercial banks fear lending Paramount Bank cash because of the Parklands land scandal.