KCB Asks DCI to Probe Alleged Fake Documents in Ksh147.9B Dispute

KCB Bank Kenya has asked the Directorate of Criminal Investigations (DCI) to investigate the alleged use of falsified banking and internal documents in a multimillion-shilling dispute involving Foxcapital Investment Limited.

The bank has denied receiving or processing an alleged Ksh147.86 billion remittance that Foxcapital claims was sent to its account at KCB.

In a letter dated August 26, 2026, KCB said its preliminary investigations had found no evidence that the funds were ever transmitted to, received by or held at the bank.

The bank said its operational records, transaction systems and SWIFT infrastructure contained no record of the alleged money transfer.

How the Dispute Between KCB and Foxcapital Began

The dispute is linked to High Court Commercial Suit No. E533 of 2026, in which Foxcapital Investment Limited has sued KCB Bank Kenya Limited.

Foxcapital argued that on November 28, 2025, BB Biotech AG Limited transferred the funds from its UBS Switzerland AG account to Foxcapital’s euro-denominated account at KCB’s Sarit Centre Branch.

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Following the claims, KCB said it wrote to UBS Switzerland AG on August 13, 2026, forwarding documents presented by Foxcapital and requesting confirmation of the alleged transfer.

In addition, an executive attached to UBS Switzerland responded that the documents had not originated from the bank and were therefore not genuine.

KCB further stated that UBS Switzerland did not authenticate the alleged SWIFT messages, payment instructions, payment-tracking documents or other transaction documents submitted for verification.

As a result ,the bank noted that these findings prompted it to seek the intervention of the DCI’s Banking Fraud Investigations Unit.

“We are writing to lodge a complaint against Foxcapital Investment Limited (“Foxcapital”) with respect to representations made under oath and documents filed in High Court Commercial Suit No E533 OF 2026, Foxcapital Investment Limited v KCB Bank (Kenya) Limited,”KCB stated.

Bank Officials Deny Authorship of Documents

KCB has also raised questions over documents allegedly originating from its Compliance and Ethics Department and relied upon in the court proceedings.

The bank said its Head of Compliance and Ethics, John Ndegwa, denied authoring, preparing, approving, signing or transmitting a purported P1 Incident Report dated April 17, 2026.

Ndegwa also denied communicating the contents of the document to Foxcapital or its representatives.

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Similarly, KCB’s AML Compliance Manager, Chanya Kombo, has denied under oath that she authored, prepared or signed an alleged Financial Crime Review and AML/CFT Clearance dated May 18, 2026 which was presented in the court proceedings as an exhibit.

Therefore, the bank’s complaint refers to several documents attached to a supporting affidavit sworn by Foxcapital Group Chief Executive Officer David Dudi Akech on August 3, 2026.

Among them are purported SWIFT messages allegedly originating from UBS Switzerland AG, including an MT103 payment message, as well as the disputed internal KCB documents.

The bank has asked investigators to examine the circumstances surrounding the preparation, use and presentation of the documents.

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