Malawi’s First Capital Bank accused of forging businessman’s signatures


… Investor holds sit-in at Malawi Embassy in India

An Indian investor has accused First Capital Bank of forging his signature to steal his millions.

The businessman, Chandrashekhar More, made the accusations in a letter addressed to President Peter Mutharika.   More owns Tamanna Solvex Africa Limited and Manasi Manufactures Africa Limited.

More at the Malawi High Commission

He said the First Capital Bank stole millions of Kwacha from his account by forging his signatures.

According to More, attempts to meet and seek a resolution from the bank on the issue have not yielded positive results.

Meanwhile, More and his family are protesting at the Malawi High Commission in New Delhi, India over the loss of business in Malawi.

According to More, he was invited to invest in Malawi through Malawi Investment and Trade Centre (MITC) but was robbed systematically through the state machinery.

He accused a Mr. Zuneth Sattar of conniving with Malawi State House officials to steal his businesses.

“I was made to sign company ownership transfer papers on gunpoint by Zuneth Sattar and his associates. Numerous attempts have been made by me, my lawyer and the Indian High Commission to set the right position but to no avail,” More said in his letter to Mutharika.

The businessman added that he was framed in a fake tax case but when he came to Malawi to prove his innocence he was forcefully deported to India.

“As a foreign investor I have been robbed of my respect and investment, imprisoned, tortured, threatened and framed in fake cases, denied justice for no fault of mine,” he said.

More then demanded action from Mutharika in 30 days failure of which his family and friends will continue to protest at the Malawi High Commission.

He also warned that he will file litigations in the Indian Supreme Court to stop all imports of Nandolo from Malawi to India,   stop all lines of credit to Malawi and stop all investments to Malawi being routed through Exim Bank of India.




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