Former company director and ex-nominated Member of the County Assembly (MCA) Salim Mohamed Busaidy was on Wednesday arraigned before a Nairobi court over an alleged fraud scheme involving Ksh 363.4 million belonging to First Assurance Investment Company Limited.
According to the Directorate of Criminal Investigations (DCI) on Wednesday, August 5, 2026, Busaidy served as a director of the company and is accused of orchestrating the theft of Ksh 363,420,459 between May 18, 2018 and April 30, 2024.
The DCI’s Financial Investigations Unit (FIU), which conducted what it described as painstaking investigations, told the court that Busaidy allegedly conspired with other suspects who were not present in court and exploited his position as a director to access the company’s bank accounts held at NCBA Bank, KCB Bank and Co-operative Bank.
“FIU investigators established that the suspect conspired with other suspects who were not before the court and exploited his position as a director, as well as his access to the company’s bank accounts at NCBA Bank, KCB Bank and Co-operative Bank, to unlawfully withdraw the money which he used to acquire motor vehicles and other assets,” the DCI said.
Busaidy’s case
Busaidy was charged with conspiracy to defraud, stealing, making a document without authority and acquisition of proceeds of crime.
The prosecution further claimed that he forged the signature of his co-director, Governor Issa Abdalla Issa, on several company cheques and falsely presented them as duly authorized in order to facilitate the withdrawal of company funds.
“Investigations further established that he forged the signature of his co-director, Governor Issa Abdalla Issa, on numerous company cheques, falsely presenting them as duly authorized to facilitate the illegal withdrawal of company funds,” the DCI stated.
The court released the accused on a bond of KSh 10 million with one surety of a similar amount, or an alternative cash bail of KSh 3 million.
As part of the bail conditions, Busaidy was ordered to deposit his passport, seek the court’s permission before travelling outside the country, and refrain from interfering with witnesses.
Next mention
In a further development, the court issued summons to other accused persons who were absent during the proceedings, including the Chief Executive Officers of KCB Bank, NCBA Bank and Co-operative Bank of Kenya Limited.
The DCI said the case would return to court on August 11, 2026 for the appearance of the other accused persons and for pre-trial directions.
“The case will be mentioned on 11th August 2026 for the appearance of the other accused persons who were not before court today and for pre-trial directions,” the agency said.
