Vimal Shah: Bidco Boss Reveals How Trust Led to KSh102.4m Forex Loss

Bidco Africa founder Vimal Shah has told a Nairobi court how a trusted friendship led him into a KSh102.4 million forex deal.

For Shah, the transaction seemed straightforward. Bidco needed US dollars to pay for imported raw materials, but banks were struggling to meet its demand.

Then came an introduction from someone he trusted.

Shah told the Milimani Magistrate’s Court that former Capital Markets Authority chairman Nick Nesbitt introduced him to Bülent Boytorun.

Boytorun was presented as an expert in cryptocurrency and stablecoin transactions who could convert Kenyan shillings into US dollars.

Shah said his 15-to-20-year friendship with Nesbitt gave him confidence to proceed, despite not knowing Boytorun.

“I trusted him because he’s a friend,” Shah told the court.

He said Nesbitt’s previous work at IBM and his business associations strengthened the credibility he attached to the introduction.

The Deal

On May 23, 2023, Bidco signed a Trade Finance Support Agreement with Bee N Bee Kenya Limited.

Under the agreement, Bidco would buy US$745,000 at an exchange rate of KSh137.50 per dollar.

The company transferred KSh102,437,500 through RTGS, expecting the dollars in its account the following day.

But when May 24 arrived, the promised funds did not appear.

“On the 24th, nothing arrived,” Shah testified.

The failure left Bidco facing a potentially serious cash-flow problem, as it needed dollars for imported raw materials.

Court records indicate that about US$295,000 was eventually converted and remitted, leaving a substantial balance unresolved.

Investigators later alleged that part of the remaining money moved to an account belonging to Pershing VC Group Limited.

The investigators further alleged that the relevant companies lacked the required licences for the transactions.

Trusted Introduction

Shah said he would never have transferred such a large amount to Boytorun without Nesbitt’s introduction.

“I would never have given this sort of money to a Mr Bulent, who I didn’t even know,” he said.

The businessman also told the court he understood Nesbitt to be a one-third partner in the UK-based Bee N Bee business.

That understanding, he said, reinforced his belief that Nesbitt and Boytorun were working together.

Nesbitt has denied conspiring to defraud Shah and has challenged the prosecution in court.

He has maintained that his involvement was limited to introducing Boytorun and that he had no role in the subsequent transaction.

The High Court rejected Nesbitt’s attempt to stop the prosecution in June, finding that the allegations raised matters suitable for trial.

The court did not determine his guilt, leaving the prosecution to prove its case before the trial court.

The Second Business

The dispute became more troubling for Shah after he encountered advertisements linked to Nesbitt.

He told the court the adverts promoted a similar shillings-to-dollars service under the name BNX Partners Limited.

Shah said he confronted Nesbitt and demanded to know what had happened to Bidco’s money.

According to his testimony, Nesbitt replied, “I got to make money.”

The alleged conversation could become significant as the court examines the relationship between Nesbitt, Boytorun and the companies.

Case Continues

Nesbitt faces a charge of conspiracy to defraud Shah of KSh102,437,500.

The prosecution alleges that the accused falsely represented that the money could be converted into US dollars.

Nesbitt has denied the charge, and the allegations remain unproven.

The case also highlights the risks businesses face when conventional currency channels become difficult to access.

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For Shah, however, the courtroom story began with something much simpler than cryptocurrency or foreign exchange.

It began with trust in a long-time friend.

That trust ultimately placed KSh102.4 million at the centre of a criminal case.

The hearing resumes on October 7, 2026.

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