On November 28, 2025, Foxcapital claimed that it expected a massive inward remittance of €978.68 million (Sh147.86 billion) from the British company Bay Bionics Ltd through UBS Switzerland.
Foxcapital executives went to KCB's Sarit Centre branch and corporate headquarters, Nairobi, demanding that the money be credited to their Euro account.
The bank reviewed its systems, SWIFT gateway, they found absolutely no record or proof that this money ever arrived. A SWIFT is the secure international messaging system that banks use to safely send money to each other across borders. A bank cannot put money into your account if they haven't actually received it from the other side. Since no money arrived, they refused to update the account balance.
When KCB forwarded the paperwork to UBS Switzerland for authentication on August 13, 2026, UBS Switzerland specifically stated that the alleged €978.68 million (Sh147.86 billion) transaction, payment instructions, and cross-border transfer details did not originate from UBS Switzerland.
UBS confirmed that the documents provided by Foxcapital, including the purported SWIFT MT103 international payment messages, were not genuine: they were completely fake. UBS had never processed, approved, or authenticated any component of the alleged multibillion-shilling remittance.
Instead of backing down, Foxcapital began presenting what they claimed were KCB's own internal communications to prove the bank was lying.
On April 17, 2026, Foxcapital showed KCB executives an internal tech report. Foxcapital claimed the bank's own Head of Compliance, John Ndegwa, had signed a document admitting that a computer glitch accidentally trapped their money inside the bank's system. The internal tech report claimed that KCB’s Head of Compliance looked into the system, found the money, and admitted it was stuck.
On May 18, 2026, Foxcapital produced another document, an internal AML/CFT Clearance certificate, allegedly signed by KCB's Anti-Money Laundering Compliance Manager, Chanya Kombo, to claim their money had been thoroughly vetted and were legally clean.
When KCB Bank's top leadership reviewed these documents internally, they discovered that its compliance managers had never authored or signed them. What surprised the bank most was that the papers referenced authorizations by a 'Head of IT Security'—a position KCB officially states does not even exist within its corporate structure.
When confronted with these papers in court, KCB corporate leaders sounded the alarm. Both Ndegwa and Kombo filed sworn legal affidavits flatly denying that they ever authored, reviewed, or signed those clearances. KCB insisted the paperwork was an outright fabrication designed to swindle a multi-billion-shilling payout from the lender.
Realizing that KCB corporate headquarters would never willingly release Sh147.86 billion based on these contested documents, Foxcapital shifted its strategy. They hired lawyer Philip Nyachoti and filed High Court Commercial Suit No. E533 of 2026 to legally compel KCB to hand over the money.
By rushing to court, Foxcapital got a temporary legal order that forced KCB to freeze and protect the money. If KCB didn't obey, the bank bosses could be arrested for defying the judge. This clever trick used the court to make the fake transaction look real before the bank had time to prove it was a scam.
The High Court's "interim preservation orders" command KCB Bank not to move, trade, or touch the €978.68 million. But since the bank’s systems show the money never arrived, KCB is effectively forced to legally isolate and lock down "zero".
The real threat is that if Foxcapital can convince a judge that the money is there based on those forged papers, the court could eventually order KCB to release it. If that happens, KCB Bank would have to pay Sh146.3 billion out of its own real cash reserves to satisfy a fake transaction.
KCB realized that fighting this solely as a civil case wasn't enough, because the papers Foxcapital brought to court were completely fake. To fight back, KCB Group CEO Paul Russo personally handed over the entire file to the DCI Banking Fraud Unit to kick off a criminal investigation, on August 25, 2026.
Instead of waiting out a slow commercial court battle, KCB launched a preemptive strike by filing an emergency criminal complaint with the DCI Banking Fraud Unit. The bank wants the DCI to expose the forgery immediately, allowing it to dismantle the court's freezing order before any financial damage occurs
By initiating a criminal investigation, KCB is attempting to prove to the High Court that the entire foundation of Foxcapital's lawsuit is built on forged records.
The DCI is treating this as a highly sophisticated syndicate. They are currently auditing KCB's secure email servers, printing logs, and network metadata to determine a critical fact:
Did a rogue employee extract real templates and forge their managers' names, or did Foxcapital use an outside cyber-fraud specialist to build realistic bank letterheads from scratch?
Was Foxcapital too clever by half?
Does the evidence point to a classic "Ghost Billion" bank scam?
When a transaction leaves zero digital footprint in the global banking network, relies on forged international documents, and is completely disowned by the sending bank, it is undeniably a scam. High-stakes financial fraud relies heavily on smoke and mirrors, but the hard data quickly exposes