Dubai Bank Kenya’s Chief Executive Officer Binay Dutta was on Wednesday charged alongside other bank directors with stealing money and failing to comply with the anti-money laundering act.
Dutta, together with three other directors; Abdul Hafedh Zubedi, Ali Bashir Sheikh and Professor Wilson Hassan Nandwa are accused of stealing Sh12.6 million from the troubled bank.
The Central Bank of Kenya had placed Dubai Bank under receivership on the 14th of August this year after it emerged that the small-sized commercial bank had been violating CBK rules and banking laws, including meeting set daily cash reserve ratios.
Dubai Bank was also found to be unable to meet its cash obligations, which included Sh48.18 million owed to Bank of Africa Kenya Limited.