Former Chase Bank chairman Mohammed Zafrullah Khan Wednesday spent another night in police custody after his lawyers failed to secure his release on bond.
The trial magistrate Wednesday condemned Mr Khan to another night in confinement after promising to rule on his application Thursday afternoon.
He was taken back to Kileleshwa Police Station where he had spent the previous night.
Mr Khan had appeared before Senior Principal Magistrate Martha Mutuku where he was charged with conspiring to defraud Chase Bank of nearly Sh1.7 billion besides three counts of stealing.
The court heard that Mr Khan had committed the offence of conspiring to defraud Chase Bank Sh1,683,000,000 by falsely pretending that the money had been disbursed to accounts of Carmelia Investments Limited, Cleopatra Holdings, Golden Azure Limited and Colnbrook Holdings as genuine loan facilities.
The offence was allegedly committed between August 28, 2009 and March 3, 2016 at the bank’s Nairobi Riverside headquarters.
Mr Khan is also accused of stealing Sh483,328,000 from the bank on December 31, 2015. The businessman is also charged with stealing Sh46 million on February 28, 2012 and another $2,610,800 on December 30, 2015.
Mr Khan, who has denied all the charges, is also accused of failing to comply with provisions of the Proceeds of Crime and Anti-Money Laundering Act.
He was charged soon after losing a spirited High Court battle to stop his prosecution as of Wednesday.
His lawyer, Cecill Miller, had told the court that he had obtained an order from the High Court that allowed Mr Khan to have his passport so as to seek medical treatment in the US for 30 days.
Mr Miller said Mr Khan was to undergo open heart surgery and return to Kenya, making his prosecution an act of mischief.
He protested against the fact that prosecution had lost the case in which Mr Khan obtained orders allowing him to travel and accused the Director of Public Prosecution of circumventing directions of the High Court.