Exclusive: Nairobi trader charged with Sh230 million property fraud

Nairobi trader charged with Sh230 million property fraud

Nilesh Jayantilal Lalji Kotedia before Milimani court on Thursday

A Nairobi businessman was on Thursday charged before a Nairobi court with conspiracy to defraud beneficiaries of their five-storey buildings in Nairobi worth Sh230 million.

Nilesh Jayantilal Lalji Kotedia the Trustee of Lalji Mulji Jetha Trust Deed was accused that on unknown dates within the republic with others yet to be arrested, conspired to defraud the beneficiaries of a five-storey building situated at Latema Road valued at Sh230 million.

The court heard that Nilesh conspired to fraudulently transfer, sell, and convert the said property to use not authorized by the Trust Deed.

He was also charged with selling the property against the wishes of the Trustee.

He appeared before Milimani Chief Magistrate Susan Shitubi in Nairobi and denied the charges.

He pleaded for lenient bond terms stating that he is innocent.

The court released him with a cash bail of Sh1 million or a bond of Sh2 million.

The case will be mentioned after two weeks.

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