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Commercial Bank of Africa, now known as NCBA , and Equity Bank stand to lose nearly Sh500 million through a title deed fraud racket after the Court of Appeal ruled that Co-operative Bank of Kenya 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.
Three Court of Appeal judges ruled that CBA — which has been fighting for the title deed after Equity gave up the fight — had failed to prove that it had a right to the property when it sought orders stopping its auction by Co-operative Bank.
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