Court frees on bond former Chase Bank chairman Mohamed Khan

Former Chase Bank Chairman, Mohamed Zafrullah Khan, has finally been freed by a Nairobi Court after spending one week behind bars over the Ksh 1.6 billion fraud case in the bank.

This was after the court agreed to review stringent bond terms issued to the former Chase Bank chairman.

Khan, who had been directed to deposit a total of Ksh 60 million, will now secure his freedom after depositing a cash bail of Ksh 2 million with one Kenyan surety.

Trial Magistrate Martha Mutuku further directed the accused person to comply with the condition set by the investigating officer.

Khan was also directed not to abscond court proceedings adding that the Ksh 2 million surety deposited by the Kenyan will be forfeited if he does not appear in court for proceedings.

Magistrate Mutuku said that the application by Khan to have the terms reviewed are genuine.

Mohamed Zafrullah Khan is accused of conspiring to defraud the bank over Ksh 1.6 billion.

Last week, the Magistrate ordered him to present two Kenyan sureties to deposit Ksh 60 million so as to secure his release.

The bond terms had been granted on the grounds that the High Court had issued orders that would have seen him given his passport so as to travel to the US for treatment in 30 days.

However, his lawyers, said that the accused person is too ill to travel and that the set bond were too high.