Two companies have asked the Directorate of Criminal Investigations (DCI) to probe Absa Bank Kenya Limited over allegations of fraud, collusion and unlawful disposal of properties that were used as security for loans.
Kimani Operations Limited and Kimani Ventures Limited, through their lawyers led by Danstan Omari, want investigators to establish whether the sale of their properties through auctions was genuine or whether the process was manipulated to benefit certain parties.
The complaint centres on loan facilities running into hundreds of millions of shillings that the two companies obtained from Absa between 2021 and 2022.
Kimani Operations secured a Sh195 million facility in February 2021 using two properties known as Twin Towers as security. Kimani Ventures, on the other hand, obtained a Sh130 million facility secured by a property in Section II, Eastleigh.
According to the complaint, further facilities and charges increased the value of the transactions involving the companies.
However, the lawyers accuse the bank of failing to give their clients a complete account of the loans, including the amounts disbursed, payments made, interest charged, additional fees and the current status of the accounts.
The lawyers have also questioned an alleged auction that was advertised for July 7, 2025. They claim that no lawful auction took place on that date, pointing to the disruption caused by Saba Saba demonstrations, which saw roads barricaded and movement restricted in parts of Nairobi.
The DCI has been asked to establish whether genuine bidders attended the auction, whether competitive bidding took place and whether the alleged sale was actually a pre-arranged transaction presented as a public auction.
Further questions have been raised about two companies that allegedly emerged as buyers of some of the properties.
Astralis Verge Limited was incorporated on May 15, 2025, while Samatar Solutions Limited was incorporated on June 2, 2025, both weeks before the disputed auction.
The lawyers want investigators to examine the ownership and beneficial owners of the companies, their source of funds, bank transactions and communications linked to the alleged purchases.
They have also raised questions about changes in the directorship of Astralis Verge.
Auctioneer Serah Njeri Wamwea has also been mentioned in the complaint. The lawyers allege that she took part in the auction process and was also among the purported successful bidders. They further claim that her business premises are located in the same building where the auction was scheduled to take place, raising questions about a possible conflict of interest.
The companies say they have not received key documents that would confirm how the auctions were conducted. These include the list of bidders, bidding register, reserve price, highest bid, memorandum of sale, proof of payment and records showing how the proceeds were applied to the outstanding loans.
The lawyers have also challenged the valuation of the properties, alleging that some securities may have been deliberately undervalued before their disposal.
They want investigators to determine whether the properties were sold below their actual market value and whether this was part of a wider scheme.
The complaint also questions another purported auction held on July 30, 2025, involving L.R. No. 36/11/350 in Eastleigh.
The lawyers want to know why another auction was held after the earlier disputed sale.
Despite the alleged disposal of several securities, the lawyers say Absa is still demanding about Sh394.8 million from their clients. They further allege that after taking possession of some properties, the bank began collecting rent and benefiting from income generated by the buildings.
The companies have asked the DCI and Banking Fraud Investigation Unit to investigate Absa and its officers, the auctioneers, Samatar Solutions Limited, Astralis Verge Limited and Fancy Friends Auctioneers.
They want the probe to establish whether offences such as conspiracy to defraud, fraudulent misrepresentation, unlawful acquisition and disposal of property, collusion and abuse of the statutory power of sale were committed.
The dispute is already before the courts, where the companies have challenged the alleged sales.
Their lawyers are now calling for an urgent criminal investigation, saying the properties are long-standing investments and important sources of income for the companies and their directors’ families.
