Elsaei Waseem Ahmed Ahmed
An Egyptian real estate boss, Mr. Elsaei Waseem Ahmed Ahmed, is at the high court trying to urge the court to unfreeze Sh134M he alledgly obtained in an illegal way.
In his defence, he told the court that the funds were essential in his daily activity and were key to his investments.
This comes after the court froze his accounts following massive fraud allegations relating to a fake house deal.
According to the court papers, an innocent-looking but dangerous Ahmed wants the High Court to set aside the freezing orders given on December 3, 2024, arguing that they violate his constitutional property rights and have left him stranded.
He wants the Diamond Trust Bank to be ordered to lift the freeze on his accounts, which contain both Kenyan shillings and US dollars. Our investigations reveal that the man has millions of proceeds of crime in his account.
Mr. Ahmed’s legal problems began after the Rwandan investor Jean Baptiste Uwemeye and his children accused Ahmed of fraudulently acquiring over USD 1 million and went to court to seek an injunction to prevent Ahmed from using or disposing of these funds, pushing for a criminal investigation into his activities.
Now, the dangerous Ahmed defends himself by telling the court that the money in question has been integral to his business, used for salaries, contractor payments, and other construction-related expenses. He insists that these funds were legitimately used for developing a 150-unit apartment complex, which he says was completed, sold, and occupied long before the current dispute arose.
The controversial businessman adds that the Rwandan investors have misrepresented the situation, alleging that they requested additional, costly modifications post-construction, which led to delays in handing over the property.
The said alterations, according to scandal-hit Ahmed, included luxury finishes and an unauthorized bar, conflicting with local urban planning regulations.
Additionally, the businessman claims that he was not given a fair chance to defend himself before the accounts were frozen, emphasizing that the funds have been utilized for the project they were intended for. He accuses the investors of not disclosing crucial details to the court, particularly the fact that the building was completed and that he had offered alternative solutions through out-of-court discussions, suggesting they sell the property to recover their investment.
Ahmed also highlights that the investors’ claims do not consider the additional expenses he incurred due to their specific demands, which have not been reimbursed.
Without giving stringent evidence, he alleges that when the order is not lifted, it will cripple his business and leave his business in jeopardy
Sources have told our investigations that Ahmed wants the high court to frustrate Rwandan investors and defraud them of their cash.
More to follow…
