DNK International Bidco Africa chairman and founder Vimal Shah has told the Milimani Magistrate’s Court how he transferred Ksh102.4 million to Bee N Bee Kenya Limited after being introduced to the foreign exchange deal by his long-time business associate, former Capital Markets Authority chairman Nick Nesbitt.
Shah said it was his longstanding relationship with Nesbitt, spanning about 15 to 20 years, that gave him the confidence to proceed with the transaction despite having no prior relationship with Bülent Boytorun, whom Nesbitt introduced as his business partner.
“I trusted him because he’s a friend,” Shah told the court.
He said Nesbitt’s previous position at IBM, their involvement in business organisations and his tenure as CMA chairman had contributed to the credibility he attached to him.
According to Shah, Nesbitt introduced Boytorun as an expert in cryptocurrency and stablecoin transactions who could facilitate the conversion of Kenya shillings into US dollars.
The arrangement, Shah testified, was straightforward: Bidco would transfer shillings and receive the equivalent dollars in its account the following day.
At the time, Bidco required a steady supply of US dollars to pay for imported raw materials but was experiencing difficulties obtaining the currency through banks.
Shah said he agreed to purchase USD745,000 at an exchange rate of 137.5, with May 24, 2023 set as the value date.
A Trade Finance Support Agreement was signed on May 23, 2023, requiring the dollars to be deposited into Bidco’s US dollar account the following day.
Bidco subsequently transferred Ksh102,437,500 to Bee N Bee Kenya Limited through RTGS.
But when May 24 arrived, the promised dollars did not.
“On the 24th, nothing arrived,” Shah testified.
He said the failure to receive the funds was particularly serious because Bidco needed the dollars to pay for raw materials and keep its operations running.
Shah told the court that he would not have handed over such a substantial amount to Boytorun, whom he did not know, had Nesbitt not introduced him and vouched for the transaction.
“I can say very openly here that without the trust, I would never have given this sort of money to a Mr. Bulent, who I didn’t even know,” he said.
The businessman further testified that he later understood Nesbitt to be a one-third partner in the UK-based Bee N Bee company, which owned the Kenyan entity. This, he said, reinforced his belief that Nesbitt and Boytorun were operating the business together.
Shah also told the court that after the transaction went wrong, he later came across advertisements by Nesbitt promoting what appeared to be the same currency exchange business under the name BNX Partners Limited.
According to Shah, the advertisements indicated that the business was offering other customers the ability to exchange Kenya shillings for US dollars.
Shah said he confronted Nesbitt over the advertisements and questioned him about what had happened to Bidco’s money.
He told the court that Nesbitt responded: “I got to make money.”
Nesbitt has denied charges of conspiracy to defraud contrary to section317 of the criminal procedure code.
Its alleged that on 24th may 2023 within Nairobi County consipired to defraud Vimal Bhimji Shah of shs 102,437,500 by falsely pretending that he was in a position to convert the said money into US dollars.
The charges arise out of the same transaction.
The court also heard that Nesbitt was a signatory to accounts associated with the business and that he was involved in opening the accounts, according to Shah’s testimony.
Shah told the court that had initially relied on the existence of the company and its banking relationship as further reassurance that the transaction was genuine. He testified that he contacted Standard Chartered Bank and was informed that Bee N Bee Kenya Limited was an existing account holder.
The hearing will resume on October 7, 2026.
