Equity, CBA lose Sh490m in title deed fraud racket

Commercial Bank of Africa, now known as NCBA #ticker:NIC, and Equity Bank #ticker:EQTY stand to lose nearly Sh500 million through a title deed fraud racket after the Court of Appeal ruled that Co-operative Bank of Kenya #ticker:COOP has the right to a property used to acquire loans from the three banks.

Equity Bank, Commercial Bank of Africa (CBA) and Co-operative Bank of Kenya have been laying claim on the single property in Riruta, which is registered in different names and was used to secure over Sh450 million in loans.