Bidco Africa Chairman and founder Vimal Shah has told a Nairobi court how his company sent KSh102.4 million in a foreign exchange deal involving cryptocurrency and stablecoins. The promised US dollars never arrived.
Shah gave his testimony at the Milimani Magistrate’s Court in a criminal case involving businessman Nicholas “Nik” Nesbitt, who faces a charge of conspiracy to defraud. Nesbitt denies the allegations.
Bidco Needed Dollars Fast
The transaction happened in May 2023, when Kenyan businesses struggled to access US dollars through normal banking channels. Bidco Africa imports raw materials for its manufacturing operations and needed dollars to pay suppliers.
Shah said Nesbitt had previously helped arrange foreign exchange deals for Bidco. Two earlier transactions in March and April 2023 hadn’t worked out, though the funds eventually came back.
On 18 May 2023, Nesbitt allegedly told Shah he had found a source that could deliver dollars within 24 hours of receiving Kenyan shillings. He introduced Shah to Bülent Boytorun, describing him as a business partner and cryptocurrency expert.
Stablecoins Entered the Deal
Nesbitt presented Boytorun as someone with expertise in converting currencies through crypto and stablecoins. The plan looked simple: Bidco would send shillings and receive the equivalent in dollars the next day.
Shah agreed to buy $745,000 at KSh137.50 per dollar, with the value date set for 24 May 2023. Bidco then transferred KSh102,437,500 to Bee N Bee Kenya Limited. The dollars never showed up in Bidco’s account.
Trust Drove the Decision
Shah told the court he didn’t personally know Boytorun before the deal. He relied instead on his 15-to-20-year relationship with Nesbitt, built through IBM and later through groups like the Kenya Private Sector Alliance.
Shah said his confidence grew after Nesbitt mentioned that the parties banked with Standard Chartered. A bank official confirmed Nesbitt held an account there, and that BNB Kenya Limited did too. Despite these checks, the deal collapsed.
Shah later spotted adverts for what looked like a similar currency-conversion service, run under the name BNX Partners Limited. He told the court he couldn’t confirm from the available documents whether Nesbitt personally benefited from the transferred funds.
Nesbitt hasn’t been convicted, and the court hasn’t proven the allegations against him. The hearing resumes on 7 October 2026.
What This Means for Stablecoin Deals
The case shows a real risk in cross-border stablecoin payments: the technology can move value fast, but it can’t guarantee a counterparty will deliver. Businesses still need to verify who they’re dealing with, how the transaction is structured, and where the funds actually go.
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Editorial Takeaway
As African businesses turn to stablecoins to solve dollar shortages, the Bidco case is a reminder that speed and digital rails don’t replace due diligence. A fast transfer means little if the counterparty on the other end doesn’t deliver.
12 Comments
That’s a serious amount of money.
Stablecoin deals need strong safeguards.
Trust and transparency matter.
$102.4M is a huge exposure.
Due diligence is always essential
Caution is key with crypto
Important lesson for corporate buyers
Trust requires clear deal verification.
Stablecoin forex deals are facing more scrutiny as adoption grows.
A $745,000 dispute shows the risks involved in large crypto transactions.
Stablecoins are increasingly becoming part of major financial disputes.
Another case highlighting the need for trust and clear transaction records.