KCB Bank (Kenya) Limited has asked the Directorate of Criminal Investigations to look into documents filed against it in a High Court case over EUR 978,675,835. In a complaint to the DCI’s Banking Fraud Investigations Unit, KCB says the banking records and internal compliance reports Foxcapital Investment Limited produced in court are falsified, and it wants investigators to establish who prepared and circulated them.
That is about KES 147.9 billion at the current rate of KES 151.14 to the euro, and nearly two and a half times KCB Group’s 2024 net profit of KES 61.8 billion.
What Foxcapital says happened
The case is High Court Commercial Suit No E533 of 2026. Foxcapital’s group CEO David Dudi Akech swore an affidavit on 3 August 2026 saying Foxcapital signed a partnership agreement on 21 October 2025 with BB Biotech AG Ltd, now Bay Bionics Ltd, a private company incorporated in England and Wales, to finance investment projects in Kenya. On 28 November 2025, he says, that company remitted the money from its UBS Switzerland AG account to Foxcapital’s euro account at KCB’s Sarit Centre branch. Foxcapital says KCB received it on 18 December 2025 and parked it under a status its records call “HELD – PRE-SETTLEMENT SUSPENSE”.
His exhibits include SWIFT MT103 messages said to come from UBS Switzerland AG, a P1 incident report dated 17 April 2026 in the name of John Ndegwa, head of KCB’s Compliance and Ethics department, and an AML/CFT clearance dated 18 May 2026 in the name of Chanya Kombo, KCB’s AML compliance manager. An MT103 is the standard SWIFT message for a cross-border customer payment, and the document a receiving bank matches against its own records.
On 11 August 2026, Justice Rhoda Rutto extended interim orders barring KCB from dealing with the amount while the case runs.
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What KCB told the investigators
KCB denies the money was ever transmitted to it, received by it or held by it. It says a search of its SWIFT gateway found no record of the remittance in its records, transaction systems or SWIFT infrastructure. On 13 August 2026 it forwarded the filed documents to UBS Switzerland AG, and says a UBS executive replied that they did not originate from UBS and are not genuine.
Both KCB staff named on the compliance documents deny writing them. KCB says Ndegwa denied under oath authoring, approving, signing or transmitting the 17 April report, and that Kombo made the same denial about the 18 May clearance.
Foxcapital has not publicly responded.
The company said to have sent the money
Bay Bionics Ltd is real, though it is not the well-known company the old name suggests. UK company 12720741 was incorporated on 5 July 2020 as Goldmines AG Limited, became BB Biotech AG Ltd six weeks later, and took its current name in May 2023.
The case returns before Justice Rutto on 17 September 2026, and the preservation orders hold until then.
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