A former company director and ex-nominated Member of the County Assembly (MCA), Salim Mohamed Busaidy, has been arraigned before a Nairobi court over an alleged fraud scheme involving KSh363.4 million belonging to First Assurance Investment Company Limited.
The DCl said the FIU investigation identified the period between 18 May 2018 and 30 April 24 as the period during which the theft is alleged to have occurred.
When Busaidy was a director of Prosecutors claimed that in collusion with other unnamed suspects not in court, Busaidy abused his position and his access to the company’s accounts held at NCBA Bank, KCB Bank and Co- operative Bank by unlawfully withdrawing KSh363 420 459 to purchase motor vehicles, among other items.
It’s also claimed that he forged the signature of his fellow director, Governor Issa Abdulla Issa, on a number of cheques, made out to the company, which were used to withdraw funds.
He is charged with conspiracy to defraud theft false documentation and handling of property obtained by crime. The court ordered him 10 million release on bond with one Kenyan citizen of similar amount as surety or in the alternative cash bail of KSh3 million.
He was further ordered to hand over his travel documents, to seek Court’s consent before traveling outside Kenya and to desist from intimidating witnesses.
The court also summoned other accused persons absent, including the Managing Directors of KCB Bank, NCBA Bank and Co, operative Bank of Kenya. The case is to be mentioned on 11/8/2026 for the required presence of the remaining accused persons and pre-trial directions.