Victoria Commercial Bank has issued a press statement delinking itself from businessman Jaswant Singh Rai.
The bank has termed inaccurate and misleading reports on social media that linked the Rai Group of Companies owner to its operations.
"We want to explicitly state that these reports are baseless, without merit, and intended to harm VCB's hard-earned standing in the banking industry," the bank said.
The said reports shared on social media and other platforms claimed that the Kabras Sugar chairman holds a 40 per cent stake at the Victoria Commercial Bank through proxies.
The reports further claimed that the bank's chief executive officer Yogesh Pattni was arrested together with Rai and questioned by detectives from Central Bank's banking fraud division.
That bank dismissed the claims as false.
"We wish to clarify the following; that Jaswant Rai is not and has never been a shareholder of the Bank, directly or as alleged, through proxies. That the bank's CEO, Yogesh Pattni, has not been arrested by the Banking Fraud Division Unit," it said.
The bank further denied allegations that an application has been made for anticipatory bail in regard to the alleged investigations by the anti-fraud.
Rai was on Sunday released by his abductors two days after he his dramatic abduction was captured on security cameras.
The incident happened at a junction along Wood Avenue in Kilimani on Friday, August 25.
Abductors left Rai's car idling on the road and sped away with him in a grey double-cabin pick-up towards Galana Road.
His lawyer Senior Counsel Kioko Kilukumi confirmed that Rai had been released and was shaken but fine and back with his family.
Officers at Kilimani police station said the kidnappers returned Sh20,000, a mobile phone and a gold wristwatch they had grabbed from Rai before dropping him off near Ola petrol station along Argwings Kodhek Road.
Rai has not revealed who had abducted him.