Former Kenya Private Sector Alliance (KEPSA) Chair Nicholas Nesbit was Thursday charged with defrauding Bidco Africa CEO Vimal Shah of Sh102 million in a foreign exchange deal.

Appearing before Senior Principal Magistrate Gilbert Shikwe at Milimani Court in Nairobi, Nesbit was charged with conspiracy to defraud contrary to Section 317 of the Penal Code.

He was charged that, on May 24, 2023 he conspired to defraud Vimal Bhimji Shah of Sh102,437,500 by falsely pretending he was in a position to convert it into US dollars.

However, Nesbitt denied the fraud charge and was released on a cash bail of Sh500,000 or an alternative bond of Sh1 million.

The former KEPSA boss instead wants Shah also charged for the loss of the monies saying they had written to the Director of Public Prosecution (DPP) seeking a review of the case.

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Nesbit argues that Shah was also complicit in attempting to circumvent the foreign exchange regulations as stipulated by the Central Bank of Kenya (CBK) in the deal.

According to his legal team led by Danstan Omari, Shah’s company, BIDCO Africa, sought to acquire the foreign currency in question outside of the avenues approved by the CBK.

Nesbitt was apprehended on January 14, 2025 by officers from the DCI Serious Crimes Division and four witnesses, including Shah, have been lined up to testify against him.