Former director, ex-nominated MCA charged over Sh363 million fraud
Former director, ex-nominated MCA charged over Sh363 million fraud
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 Sh363.4 million belonging to First Assurance Investment Company Limited, where he served as a director.
Busaidy was a signatory of First Assurance Investment Company Limited representing Prime Cabinet Secretary Musalia Mudavadi when he sold it to other parties.
He was charged following investigations by the Directorate of Criminal Investigations (DCI) Financial Investigations Unit (FIU), which linked him to the alleged theft of Sh363,420,459 between May 18, 2018 and April 30, 2024.
According to investigators, Busaidy allegedly conspired with other suspects who were not present in court and used his position as a company director, together with access to the firm’s accounts at KCB Bank, NCBA Bank and Co-operative Bank, to unlawfully withdraw company funds.
The prosecution told the court that the money was allegedly used to acquire motor vehicles and other assets.
The former MCA faces several charges, including conspiracy to defraud, stealing, making a document without authority and acquisition of proceeds of crime.
Investigators further alleged that Busaidy forged the signature of his co-director, Issa Abdalla Issa, on numerous company cheques and falsely presented them as duly authorised to facilitate the withdrawal of company funds.
The court released him on a bond of Sh10 million with one surety of a similar amount or, alternatively, a cash bail of Sh3 million.
As part of the bond terms, Busaidy was ordered to deposit his passport with the court, seek permission before travelling outside the country and refrain from contacting or interfering with witnesses in the case.
The court also issued summons to other accused persons who were absent during the proceedings, including the chief executive officers of KCB Bank, NCBA Bank and Co-operative Bank of Kenya Limited.
The matter will be mentioned on August 11, 2026, for the appearance of the other accused persons and for pre-trial directions.