KCB Bank has asked the Directorate of Criminal Investigations to probe documents filed in court by Foxcapital Investment Ltd as part of a legal tussle over Sh146 billion wired to it from abroad for investment in government bonds.
The bank claims the documents are falsified and wants the investigators to establish who prepared, supplied, circulated or presented them in court.
The dispute concerns pound =978,675,835 (Sh146.3 billion), which Foxcapital says was wired to its KCB account in October last year as a foreign inward remittance by British company Bay Bionics Ltd, formerly BB Biotech AG Ltd.
Foxcapital sued early this month, claiming KCB received the foreign remittance but failed to credit its account, prompting the High Court to preserve the funds pending determination of the dispute on whether the bank actually received and withheld the transfer intended for the investment firm.
In its complaint to the DCI’s Banking Fraud Investigations Unit, KCB Group, through its chief executive officer Paul Russo, challenges documents Foxcapital relied on to support its claim.
These include SWIFT messages, an April 17, 2026 incident report, a May 18 financial-crime review and a July 1 technical review.
KCB says documents attributed to UBS Switzerland AG and KCB officials were not genuine.
According to the complaint, KCB wrote to UBS on August 13, 2026, seeking confirmation of the documents and remittance.
KCB says UBS responded that the documents and payment instructions ‘are not originated by UBS Switzerland AG and are therefore not genuine.’ It says it has challenged the documents after finding no corresponding transaction in its systems, receiving a denial from UBS and obtaining sworn statements from its officers.
‘Taken together, the absence of the transaction from KCB’s systems, UBS Switzerland AG’s express denial, the sworn evidence of KCB’s officers and the multiple documentary irregularities give KCB reasonable cause for concern that falsified documents are being used to support a claim that KCB is holding or liable to credit the pound 978,675,835.00 to Foxcapital,’ the bank CEO says.
KCB says its SWIFT Gateway search found no corresponding transaction. The allegations directly challenge Foxcapital’s earlier account that the funds were transmitted and later confirmed as received by KCB.
Foxcapital CEO David Dudi Akech told the court that KCB’s internal records showed the money had entered a pre-settlement suspense account.
He relied on an alleged April 17, 2026 report, which he said classified the matter as critical after a system routing fault.
Mr Akech also relied on an alleged May 18 financial-crime review and Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) clearance, which he said found no adverse findings and no evidence of staff collusion.