On Monday, June 29th, 2026, two associates were arraigned before a Milimani court, facing charges of conspiring to defraud a fellow shareholder of shares in Magnum Ventures Limited.
Appearing before Senior Principal Magistrate Caroline Mugo, the accused, Subramanian Padmanbhan and Balaraman Anitha, denied all allegations.
The prosecution alleges that on or about March 23, 2015, at an unspecified location within Kenya, they jointly conspired to defraud Niji Krishnankutty Pillai of his shares in Magnum Ventures Limited by fraudulent transfer of 100 ordinary shares to Subramanian Padmanbhan.
According to the charge sheet seen by Kauntinews.com, the two are involved in multiple counts, including conspiracy to defraud, forgery, and uttering false documents.
According to the first count, the prosecution states that the accused “jointly conspired to defraud Niji Krishnankutty Pillai” by transferring 100 shares to Subramanian Padmanbhan.
They are also charged with forgery, allegedly made with the intent to deceive, “jointly forging a transfer of share or stock form” that purported to be a genuine transfer form from Niji Krishnankutty Pillai, contrary to Sections 345 and 349 of the Penal Code.
In a separate count, the prosecution accuses the suspects of uttering a false document, claiming they “knowingly and fraudulently uttered a transfer of share or stock form” that purported to be a genuine notification of share transfer from Pillai.
Further, the forged notification of change of directors is part of the allegations, with the prosecution asserting they “jointly forged” this document, allegedly intending to deceive, and later uttered it to the Director General of Business Registration Services, knowing it to be false.
Prosecution informed the court that the complainant in this case is Niji Krishnankutty Pillai. And they had lined up Witnesses including, Robert Muthama, Sergeant Koome and others set to testify during the hearing.
Both accused pleaded not guilty to all charges. Senior Principal Magistrate Caroline Mugo released each of them on a cash bail of KSh100,000, pending the case’s hearing and final determination. The case is scheduled for mention on July 13th, 2026.
