US$335 million lost in fraudulent deals by Kenyan Bank

A lawsuit filed against Kenyan commercial bank, Imperial Bank, alleges that its former managing director Abdulmalek Janmohamed "was exerting his influence to siphon and direct" in excess US$335 million to defendants or respondents in a "fraudulent scheme" from 2002 to 2015.

Kenya's central bank ordered privately-owned Imperial Bank to be put under management this month after the board alerted it to malpractices, reports Reuters.

More than 20 companies and a number of individuals were linked to the fraudulent activities, according to court papers seen by Reuters.