Adil Popat draws attention after Simba withdrew $5.6 million before Imperial Bank collapse

While more than 50,000 depositors waited years to recover only a fraction of their savings after the collapse of Imperial Bank, Simba Corporation withdrew Ksh729 million ($5.6 million) in the final days before the lender was placed under receivership, according to court filings and forensic records tied to the case.

The withdrawals, executed between Oct. 1 and Oct. 9, 2015, came just days before the Central Bank of Kenya shut down the institution on Oct. 13, citing unsafe and unsound banking practices linked to a long-running embezzlement scheme that ultimately wiped out tens of billions of shillings in depositor funds.

At the centre of the scrutiny was Adil Popat, whose company allegedly moved funds out of the bank during a narrow nine-day window when internal conditions were rapidly deteriorating. Court documents referenced in receivership proceedings describe the withdrawals as unusually well-timed, raising questions about whether there was advance knowledge of the bank’s imminent collapse.

Depositors locked out, millions moved out

When Imperial Bank was placed under the management of the Kenya Deposit Insurance Corporation (KDIC), an estimated 50,000 depositors were immediately frozen out of their accounts. Many small businesses, cooperatives, and households were left without access to savings that formed their financial lifeline.

Court filings from the KDIC-appointed receiver manager later alleged that Simba Corporation executed four separate withdrawals totalling approximately Sh729 million during the final days before the shutdown. The timing has since become a focal point in litigation surrounding the collapse.

The KDIC and investigators have not publicly attributed wrongdoing to Simba Corporation or Adil Popat, and no criminal charges have been filed against him in relation to the bank’s failure.

Inside the Imperial Bank collapse

Imperial Bank, founded in Kenya and controlled in part by members of the Popat family, was ultimately placed under receivership after regulators uncovered what was later described as a decade-long internal fraud scheme involving senior executives.

Forensic investigations cited in court proceedings point to extensive misuse of internal accounts, falsified documentation, and a network of irregular transactions that concealed the true financial position of the bank for years.

The collapse ultimately exposed a multi-billion-shilling hole in the balance sheet, with depositors recovering only a portion of their funds through a prolonged liquidation and payout process that stretched over multiple years.

The broader corporate and family entanglement

The Popat family, long established in Kenya’s automotive and industrial sectors, built a diversified business empire spanning vehicle distribution, manufacturing, real estate, and hospitality.

Within that structure, Simba Corporation emerged as one of the group’s flagship entities, led by Adil Popat, while another sibling, Alnashir Popat, served as chairman of Imperial Bank during its final years.

Court records and receiver filings have repeatedly highlighted the overlapping relationships between the bank and affiliated business interests, particularly in relation to transaction flows and related-party exposure during the period leading up to the collapse.

Forensic findings and disputed interpretations

Investigators working with court-appointed receivers and forensic consultants reviewed large volumes of transaction data and flagged thousands of suspicious transfers linked to Imperial Bank’s internal operations.

Some filings reference transactions involving accounts allegedly connected to Simba Corporation and names later described in court documents as part of irregular or fictitious account structures used during the fraud period.