Nicholas Alexander Nesbit, once the respected chairman of Kenya’s Capital Markets Authority, now finds himself at the centre of a high-stakes legal battle. He stands accused of orchestrating a Ksh 102 million fraud against Vimal Shah, the prominent founder and CEO of Bidco Africa. The case, which has gripped public attention, has been adjourned until June 3, when the court will reconvene to hear whether the Director of Public Prosecutions (DPP) will press forward with the charges or drop them entirely.
The DPP has been granted additional time to scrutinize the police file and chart the course ahead—whether to escalate the matter to a full trial or halt proceedings. For now, Nesbit’s fate hangs in the balance as investigators unravel the tangled web of deceit he allegedly spun alongside his business partner, Boytorun Mehment Bulent.
The accusations paint a damning picture. Nesbit and Bulent, through a company they jointly owned, are said to have preyed on Shah during Kenya’s crippling currency crisis in mid-2023. With the Kenyan shilling plummeting against the US dollar, the pair allegedly lured Shah with promises of converting vast sums into dollars—a lifeline amid the financial turmoil. Instead, prosecutors claim, they pocketed the Ksh 102 million, defaulted on the deal, and vanished into the shadows until their eventual arrest.
While Nesbit now faces the courtroom, his co-accused, Bulent—a British national of Turkish descent—has slipped through the cracks. Despite the Directorate of Criminal Investigations (DCI) flagging him to the Immigration Department, Bulent fled Kenya after posting a Ksh 200,000 police cash bail. His disappearance has cast a shadow over the case, leaving Nesbit to confront the charges alone.
Nesbit initially fought to have the matter downgraded to a civil dispute, hoping to sidestep the criminal justice system. His plea fell on deaf ears, and the court ruled that the allegations warranted a full criminal proceeding. Released on a Ksh 3 million bond—or a Ksh 1 million cash bail alternative—Nesbit now awaits the DPP’s pivotal decision.
The saga has sparked widespread intrigue, blending high finance, betrayal, and an international manhunt. As June 3 approaches, all eyes are on the DPP’s next move: will Nesbit face a bruising trial, or will the case collapse before it truly begins?
