- The remaining amount will be paid in installments in accordance with an agreement between him and the Director of Public Prosecutions (DPP) where he is required to pay up in 12 months.
Dar es Salaam. Harbinder Seth Singh, owner of Independent Power Tanzania Limited (IPTL), has finally walked to freedom four years since he was arrested over economic crimes in 2017.
The businessman has been released after paying a fine of Sh200 million out of 26 billion he was ordered to pay, he left the Kisutu Court Grounds accompanied by his wife.
The remaining amount will be paid in installments in accordance with an agreement between him and the Director of Public Prosecutions (DPP) where he is required to pay up in 12 months.
Earlier today The Kisutu Resident Magistrate's Court ordered Seth to pay Sh26 billion in compensation after he was found guilty of fraudulently obtaining money where he has been incarcerated for approximately 4 years.
Harbinder Seth Singh was facing economic crimes case alongside James Rugemarila and the two have been behind bars since 2017.
In 2019, he wrote the Director of Public Prosecutions (DPP) to negotiate his release under the plea bargain arrangement.
Harbinder Seth and James Rugemarila who were involved in the Tegeta Escrow saga first appeared at the Kisutu Resident Magistrate’s Court on June 19, 2017 facing 12 charges, which included money laundering.
The two were accused dealing with criminal networks, forgery, submission of false documents, obtaining money through fraudulent means, occasioning the government a loss of $22,198,544 and Sh309 billion.
Prosecution says Rugemarila and Seth committed the said crimes in Dar es Salaam, South Africa, Kenya and India.