Ranjeeta Pandey Rai and Associates Face Charges for Defrauding Over Sh116 Million

Four traders have been charged with conspiracy to defraud a supplier of over Sh116 million in a case that has raised concerns over financial fraud in the country.

Sheilesh Kumar Rai, Ranjeeta Pandey Rai, Isaac Ikua Kihara, and Chris Oyunge Ontita, along with Rosalia Blooms Limited, appeared before Milimani Principal Magistrate Eunice to face the charges. All the accused parties pleaded not guilty to the charges.

The allegations against the four traders revolve around their involvement in a scheme to defraud M/S Heritage Flowers Ltd of approximately Sh116,737,055. The offense is said to have been committed between September 2021 and August 2022 in Nairobi County.

Sheilesh Kumar Rai, who also holds a directorial position at Heritage Flowers Ltd, faced additional charges. He was accused of stealing Sh106 million from the company between September 2021 and August 2022, taking advantage of his employment status.

Furthermore, Kumar, Pandey, and Rosalia Blooms Ltd were accused of laundering over Sh106 million into Diamond Trust Bank. The money in question was allegedly stolen from Heritage Flowers Ltd, and the accused parties were reportedly aware that the funds were the proceeds of criminal activities.

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The charges against the traders and Rosalia Blooms Limited are not limited to fraud and money laundering.

They are also facing counts related to forging various documents at different times, including Minutes of the Operation Meeting management team, commission agreement, a loan agreement between Rosalia Blooms Ltd and Kumar, Minutes of Virtual Meeting, and a trust deed, all purportedly being genuine and signed.

In light of the severity of the charges and to ensure a fair hearing, the accused parties have been detained for two days pending the hearing of a bail application.

The case highlights the need for stricter oversight and regulatory measures in the financial sector to prevent fraudulent activities and safeguard businesses and investors. The court proceedings will shed further light on the alleged conspiracy to defraud and will determine the appropriate course of action in delivering justice.