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| Mr Padany Anwarali |
By Our Reporter
Concern has been raised in the banking sector over Paramount Bank Limited’s frequent change of name in the recent past. Bank bosses have changed the name of the bank three times in just under five years, from Paramount Bank Limited to Paramount Universal Bank then back to Paramount Bank Limited.
The bank has also been in the media for the wrong reasons with reports that the Directors are embroiled in tussles over ownership of pieces of land in various locations especially within Nairobi particularly targeting people of Asian origin. ``It could be a clever way by cartels here at the bank to make some customers lose control of their money, prime land and other assets. A member of staff told the The Weekly Vision on condition of anonymity.
Mr. Merali Ayaz
The Bank, including Directors Anwarali Merali, Ayaz Merali, Noorez Padamshi, Mohammed Mujtaba and Mercy Kamau have been accused by some of their own clients for allegedly operating in a veil of confusion where corruption seems to be the engine that is driving the institution. Client´s properties worth hundreds of millions have been sold off to private individuals and entities.
One such case is the conspicuous and illegal grabbing of property LR No. 209/6/13, IR No. 30866/9 and size 0.2617 of a hectare situated within Parklands Nairobi County, which belongs to one of its former Client Zavarchand Ramji Shah. One of its Director´s in particular, Mercy Kamau, has been accused for breaching banking rules by allegedly conspiring to transfer the property owned by Mr Shah through a sale agreement. The sale agreement indicates that she witnessed the execution of the sale agreement, a clear collusion with the land grabbers, not to mention conflict of interest.
Interviews done by The Weekly Vison by a number of disgruntled customers has pointed out that bank officials as well as family members have used proxies to defraud clients as well as the public at large.
And concerned workers within the bank says that the Central Bank of Kenya ought to step in to reduce instances of white-collar crimes committed by bank officials to curb such fraudulent activities. `` In fact, the CBK should exercise its mandate and order that the said officials step aside to facilitate for proper investigations.
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