Kara was arrested at his home in Florida on the West Rand in February at the request of Standard Bank.
He is accused of defrauding the bank of R2 million.
Glen Taaibosch, his co-accused until Thursday morning, had charges against him withdrawn.
Though Taaibosch was listed as sole director of Kara's company Buzz Trading 154, the State was unable to link him directly to the fraud because he had not been in charge of the day-to-day running of the business.
Thursday's ruling by Johannesburg specialised commercial crime court magistrate Jeremy Janse van Vuuren leaves Kara to face the music by himself.
Kara is out on R6 000 bail.