Malawi Police in Lilongwe arrested business tycoon Zameer Karim over K850 million bank fraud charges in connection with the police food rations scandal and has spent four nights in custody since last Thursday before being granted court bail on Monday.
Karim of Pioneer Investments was granted bail after state prosecutors charged him with intent to defraud Eco Bank of K850 million.
He along side Victoria Chanza, an employee of the bank pleaded not guilty to three counts of fraud, forgery and altering a false document when they appeared before principal resident magistrate Viva Nyimba.
The case relates to police food ration deal of 2015 whereby Karim was offered a contract to supply food ration to Malawi Police Service(MPS)
In the latest case, Karim is accused of presenting a Notice of Assignment of Proceeds to the bank purporting to have been signed by MPS director of finance and his deputy.
Chanza was granted police bail on Saturday following her arrest on Friday .
Today, the court ordered the suspects to pay bail bond of K500,000 cash, one surety at K1 million non cash, surrender travel documents and to be appearing at Chichiri police in Blantyre every fortnight.Follow and Subscribe Nyasa TV :