Businessman Zaverchand Ramji Shah has appealed to DPP Nordin Haji to hasten the probe into the grabbing off of his land in parklands.
This is after the DCI lands fraud unit wrote to Hajis office recommending the arrest and prosecution of Paramount Bank officials led by Director Ayaz Merali.
Other directors are Anwarali Merali, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau.
In a clear case of conflict of interest, Mercy Kamau is the lawyer who signed the transfer documents on behalf of Paramount Bank despite being a director.
5 months after the file was forwarded to the DPP, Shah says no action has been taken and he fears losing the land.
“Why is the DPP so slow. I fear I may lose this land. And why is Paramount Bank so much determined to get this land?” he posed.
Last month, CBK commenced investigations into Paramount Bank over the illegal acquisition of the Parklands land.
The Central Bank has written to Paramount Bank to respond to queries of illegal acquisition of a prime parcel of land in Parklands.
In a letter dated October 22, 2020, CBKs Daniel Muguima on behalf of the Director, Bank Supervision said it has received a complaint against Paramount Bank from Zaverchand Ramji Shah.
The letter sent to Osundwa and Company advocates said the complaint is about fraudulent dealings over L.R NO. 209/6/13, original NO. 209/6/4/1 by Paramount Bank.
“This is to acknowledge that the Central Bank received your complaint and wrote to Paramount Bank Limited to appraise us on the matter. We shall revert comprehensively once we obtain a response from the Bank,” Muguima said.
However, a source privy to investigations said the Paramount Bank is yet to respond to CBK.
Zaverchand complained to the Central Bank Governor Patrick Njoroge, Kenya Bankers Association, the Consumer Federation of Kenya, and the Law Society of Kenya.
In all the letters, he said Paramount Bank illegally disposed him of his land.
The land in question is LR No. 209/6/13, IR No. 30866/9, and size 0.2617 of a hectare situated within Parklands, Nairobi County.
He said the current value is shs 400 million.
The matter has been in court.
Later, a court ruled that he should deposit shs 25 million with the bank to secure his land which he had used as collateral.
Zaverchand said he deposited the cash with Paramount Bank, but Paramount ignored him and purportedly engaged an auctioneer to auction the land.
He said in the letter that Garam Auctioneers denied ever auctioning the land.
However, in a strange twist, in an affidavit sworn by one of the Banks directors Ayaz Merali on 24th July 2020, he admitted that Zaverchand deposited shs 25 million to the Bank as loan payment.
The Bank transferred the land to KURWA limited.
KURWA limited is associated with former Limuru MP Kuria Kanyingi.
He said Kanyingi’s two wives Jerioth Wangui and Susan Wangu denied being involved in the land saga.
A search at the registrar of Companies on 29th October 2013 indicated that the registered directors of KURWA limited were Simon Kuria Kanyingi, and Jerioth Wangui Kanyingi.
On 22nd Apri2008, Zaverchands land was transferred to KURWA limited and to Karim Kanani.
No cash was exchanged.
NLC has also said the transfer was illegal.
The transfer documents were signed by advocate Mercy Kamau who is also a director at Paramount Bank.
Zaverchand wants the Central Bank to act against the directors of the Bank who are Anwarali Merali, Ayaz Merali, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau for fraudulently obtaining his land.
He pleaded with the Bank and the other agencies to help him get back his land.
Several Banks that were embroiled in such fraudulent dealings have collapsed.
They include Dubai Bank, Imperial Bank and Chase Bank.
However, insiders say Paramount Bank is set to close since many corporate clients are leaving and other commercial banks fear lending Paramount Bank cash because of the Parklands land scandal.