Bidco Africa Chief Executive Officer Vimal Shah on Monday told a Nairobi court how he lost more than Sh102 million in a foreign currency exchange deal that had been introduced to him by long-time friend and businessman Nicholas (Nik) Alexander Nesbitt.

📋 Breaking It Down

Mr Shah was testifying in a criminal case in which Mr Nesbitt has been charged with conspiracy to defraud. Mr Nesbitt has denied the charges and is out on a cash bail of Sh500,000.

The businessman told the court that he agreed to the transaction because he trusted Mr Nesbitt, whom he had known for years through both business and industry associations.

Mr Shah said that in May 2023, Mr Nesbitt approached him and offered to introduce him to a person involved in trading US dollars at a time when there was a shortage of the currency in the country.

📌 What You Need to Know

He testified that before the disputed transaction, he had successfully undertaken several similar deals between March and April 2023.

According to Mr Shah, the arrangement involved transferring Kenya shillings and receiving the equivalent amount in US dollars the following day.

“He visited my home and told me the source was very reliable. We buy foreign currencies from banks on a regular basis because we import raw materials,” Mr Shah told the court.

Mr Nesbitt subsequently introduced him to Mehemet Bulent Boytorum, a British-Turkish entrepreneur and co-director of the then London-registered Bee and Bee Limited.

Mr Bulent, who is also facing charges in the case, is yet to take a plea after disappearing following his release on police cash bail last year.

Mr Shah told the court that on May 24, 2023, he transferred Sh102,437,500 to Bee N Bee (K) Ltd’s account at Standard Chartered Bank in exchange for an expected transfer of $745,000 at an agreed exchange rate of Sh137.50 to the dollar.

📰 Source: Nation Africa