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Two directors of blacklisted forex bureau charged for operating without license

The Milimani Law Courts in Nairobi. Two

The Milimani Law Courts in Nairobi. Two directors of Sky Forex Limited, a forex bureau suspected of funding terrorism, have been charged with operating without a license. FILE PHOTO | NATION MEDIA GROUP

In Summary

  • They were charged at the Milimani Law Courts with transacting a foreign exchange business without a license from the Central Bank of Kenya.
  • The Banking Fraud Unit in an affidavit presented in court states that the business is being investigated for money laundering activities.
  • The investigating officer stated that the suspects operate several bank accounts with Equity Bank.

Two directors of a forex bureau suspected of funding terrorism have been charged with operating an illegal banking business.

Mr Abdi Rashid Jama Ibrahim and Mr Ali Mohammed Xirsi were Thursday charged at the Milimani Law Courts with transacting a foreign exchange business without a license from the Central Bank of Kenya.

The prosecution applied and was granted a three-day extended detention order referring the suspects to the Kileleshwa Police Station, where they will help detectives with investigations.

“Their business was among those blacklisted by the government as suspected to be funding terrorism, prosecutor Susan Kuruga told the court.

She said the suspects were arrested on April 12 on the fifth floor of Rehema House on Kaunda Street in Nairobi and police were yet to conclude their investigations.

MONEY LAUNDERING

The Banking Fraud Unit, in an affidavit presented in court, states that the business is being investigated for money laundering.

“In the course of my investigations I found out that the accused persons are the directors of Sky Forex Limited, a company which is registered in the United Kingdom and incorporated in Kenya but not licensed to transact in foreign exchange by the CBK,” Corporal Joseph Mwaura stated in the affidavit.

The investigating officer stated that the suspects operate several bank accounts with Equity Bank.

“All the bank accounts are under investigations to establish the origin and destination of the cash transactions,” the prosecutor added.

She said Equity Bank was yet to supply police with the bank statements and that an application had already been filed in a Milimani court seeking orders to access the accounts in question.

 

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