Kenyan Businessman Loses $800k in Cryptocurrency Scam

A high-profile Kenyan businessman, Vimal Shah, testified in court that he lost nearly $800,000 to a cryptocurrency scam. Shah, chairman of Bidco Africa, claimed that he was defrauded by Nicholas Nesbitt, a former capital-markets executive, who promised to convert KES 102.4 million into US dollars within 24 hours.

The two had previously conducted failed foreign-currency transactions, and Nesbitt introduced a business partner, Bulent Boitoru, as an expert in using cryptocurrencies and stablecoins for currency conversions. Shah trusted Nesbitt due to their existing relationship through business and private-sector organisations.

Bidco subsequently transferred KES 102.4 million to BNB Kenya Limited on May 23, 2023, under a trade-finance support agreement signed by Shah and Boitoru. However, the promised dollar delivery did not materialise.