Chase Bank Limited has filed an application to freeze the accounts of former chair Zafruallah Khan and 19 other defendants after shocking revelations of fraud.
The alleged fraud emerged in a plaint against the defendants submitted to the Commercial Court in Milimani yesterday by Chase Bank (in Receivership).
Khan bought his wife Shehla a vintage Ferrari Dino for $455,000 (Sh45,500,000) and a limited edition Chevrolet Corvette for $127,551 (Sh12,755,133) using Chase Bank funds without passing through a personal account.
The bank also bought him an apartment in the Opera Grand residential tower in Dubai, next to the Burj Khalifa, the world’s tallest building, at a cost of Sh600 million.
More on this: Chase Bank bought Ferrari and $6m Dubai flat for chairman
According to court documents seen by the Star on Thursday, Chase Bank said freezing the assets should be regarded and certified as urgent.
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