KCB Foxcapital DCI Forged Documents Kenya: Bank Reports Firm

• KCB Bank Kenya has reported Foxcapital Investment Limited to the DCI over alleged use of falsified documents.
• The allegations stem from a High Court commercial dispute involving an alleged Sh126 billion transaction.
• KCB disputes the authenticity of documents, including purported SWIFT messages and internal bank records, filed by Foxcapital.
• The DCI's Banking Fraud Investigations Unit will now conduct a criminal investigation into the alleged forgery.
• This criminal probe runs parallel to the ongoing civil suit, which seeks to resolve the underlying financial dispute.

The DCI's involvement initiates a criminal investigation into the alleged document falsification, running concurrently with the ongoing civil proceedings in the High Court.

KCB Bank Kenya has formally reported Foxcapital Investment Limited to the Directorate of Criminal Investigations (DCI), alleging the use of falsified banking and internal documents within a significant commercial dispute. The complaint, lodged with the DCI's Banking Fraud Investigations Unit, centers on claims made by Foxcapital in High Court Commercial Suit No. E533 of 2026, where the investment firm is pursuing a transaction valued at approximately Sh126 billion. KCB contends that documents presented by Foxcapital, alongside statements made under oath, are either forged or were never authorized by the bank.

The core of the dispute revolves around an alleged transfer of €978.68 million, which translates to about Sh147.6 billion, or approximately Sh126 billion at the time of the alleged transaction. Foxcapital claims this substantial sum was sent by Bay Bionics Limited, formerly BB Biotech AG Limited, from an account held at UBS Switzerland AG directly to Foxcapital's euro account at KCB's Sarit Centre Branch on November 28, 2025. KCB, however, has consistently challenged the veracity of the documentation Foxcapital is relying upon to substantiate this claim, leading to the current escalation involving the KCB Foxcapital DCI forged documents Kenya investigation.

Central to KCB's complaint to the DCI are several documents whose authenticity the bank has explicitly questioned. These include purported SWIFT messages, notably an UBS Switzerland SWIFT MT103 message, which Foxcapital claims was issued by UBS Switzerland AG to confirm the transfer. Beyond external communication, KCB has also raised concerns about documents presented as internal bank records, which it asserts are not legitimate. The integrity of these documents is paramount, as they form the basis of Foxcapital's Sh126 billion commercial dispute claim against KCB.

Specifically, KCB has highlighted a supposed P1 Incident Report, dated April 17, 2026, which Foxcapital attributed to John Ndegwa, identified in court filings as KCB's Head of Compliance & Ethics at the time. Furthermore, the bank has disputed the legitimacy of an alleged Financial Crime Review and AML/CFT Clearance, dated May 18, 2026, purportedly authored by Chanya Kombo, who was named as KCB's AML Compliance Manager in court filings. KCB's formal complaint to the DCI explicitly states its position that these falsified banking documents Kenya, crucial to Foxcapital's case, lack genuine authorization or are outright fabrications.

The filing of KCB's complaint with the DCI's Banking Fraud Investigations Unit signifies a critical development, initiating a criminal investigation into the alleged falsification of documents. This criminal probe will proceed independently and in parallel with the ongoing civil proceedings in High Court Commercial Suit No. E533 of 2026, where the underlying Sh126 billion commercial dispute between KCB and Foxcapital is being litigated. KCB has supported its DCI report by submitting an affidavit sworn by David Dudi Akech on August 3, 2026, along with copies of the disputed documents filed by Foxcapital.

It is important to note that while KCB has made serious allegations of forged documents in Kenya, these claims have not yet been independently verified. The act of lodging a complaint with the DCI does not automatically equate to a finding of criminal wrongdoing. Any definitive determination regarding whether the documents were indeed falsified will depend on the thoroughness of the DCI's investigations and, if applicable, subsequent court proceedings. Meanwhile, the High Court will continue its separate process to adjudicate the merits of the Sh126 billion transaction claim between Foxcapital and KCB.

This case highlights the severe risks and dual legal exposure (civil and criminal) arising from alleged document falsification in high-value commercial disputes. Lawyers and compliance officers must ensure rigorous due diligence on document authenticity, especially in cross-border banking transactions, to mitigate client exposure to both civil liability and criminal investigation by units like the DCI's Banking Fraud Investigations Unit.

Source: Original reporting via Capital FM