Former Nairobi Gubernatorial Aspirant Jimnah Mbaru in a sh418 Million Scandal

Former Nairobi Gubernatorial Aspirant Jimnah Mbaru in a sh418 Million Scandal


Former gubernatorial aspirant for Nairobi County Jimnah Mbaru and his investment company, Dyer and Blair Investment Bank have been ordered to pay a client hundreds of millions of shillings for illegally trading on their client’s investment

John Kiarie, a Central Bank of Kenya Fraud Investigating Unit believe Mbaru’s firm and a bank conspired to access Kiarie’s accounts and lock him out. He’s said to have colluded with CFC Stanbic Bank to defraud the client.

The High Court termed the incidents that led up to the crime as a complicated wave of deceit perpetuated by the two companies to trade on their client’s money without accounting for interest earned.

According to the Daily Nation, John Kung’u Kiarie had invested sh100 million with Dyer and Blair trusting the company to re-invest his money in the bond markets among other profitable investments schemes earning him some interest.

Satisfied that his money was put to good use, Kiarie was shocked when he found himself in problems with his then employer, KCB, in which a criminal case was filed against him and on investigations, Blair and Dyer had frozen Kiarie’s accounts without the fraud investigation unit asking them to back in 2003.

The CBK unit found that Dyer and Blair as well as CFC Stanbic continued holding on to the money illegally and even used it in trading their businesses without their client knowing.

“I find it suspicious that the two defendants in the suit alleged that the fraud investigating unit had asked them to freeze the accounts despite there being written evidence that they offered the service promptly,”

explained Judge Eric

The criminal case against Kiarie ran from 2003 to 2007 when he filed the court case against Mbaru’s firm and the bank.

He claimed sh465 million as returns on his investment but the court ordered the two defendants to pay Kiarie sh300 million plus interest since 2003. In total, the amount added up to sh418 million.


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