Chase Bank Ex Boss fails to raise Sh 60 million bond

File photo:From R to L: Chase Bank ex boss Mohamed Zafrullah Khan and his lawyer Cecil Miller at Milimani law courts before pleading to the charges

Chase Bank former boss Mohamed Zafrullah Khan will remain in custody for a while longer after he failed to raise the Sh 60 million surety bond imposed on him by court.

Khan who was charged with conspiring to defraud Chase Bank of Sh 1.7billion was awarded the bond terms last week but failed to secure the amount making his lawyer Cecil Miller appear in court again seeking reduction of the same.

Khan has been in custody since last Tuesday, will still remain at the Industrial Area Remand Prison until Wednesday 5th, when the magistrate will deliver the ruling on his application to reduce the bond terms.

Prosecutor Warui Mungai had objected Khan’s release on bond on grounds that the accused is also being investigated in 5 other files involving money he might have misappropriated.

Summons were also issued to the other seven accused persons who are to be charged alongside Khan.

Khan is facing five counts of intent to defraud, stealing, failing to comply with the provision of section 44/45/46 of the proceeds of crime and Anti Money Laundering Act 2009.