In a significant financial incident on July 10, 2024, Equity Bank, experienced the theft of Sh1.5 billion intended for employee salaries and benefits.
The bank’s internal control department discovered irregularities in the salaries account, where 47 withdrawals were made and quickly transferred to various external accounts.
The anomalies in credit information during these transactions led to further investigation, which identified David Machiri Kimani, the bank’s salary processing unit manager, as a central figure.
The fraudulent transactions were authorized using Mr. Kimani’s credentials while he was on leave.
Following these revelations, Mr. Kimani and his father, Peter Kimani Machiri, were abducted in separate incidents.
Mr. Kimani was taken from his home in Thogoto, Kiambu County, while his family was attending church. Later, a group of armed and masked men abducted his father from his residence in Mathioya.
The abductions are believed to be linked to the ongoing investigation into the fraud case at Equity Bank.
The scheme reportedly involved the creation of new accounts and businesses to facilitate the quick transfer of the stolen funds.
The DCI is actively investigating the case, with Mr. Kimani and his father considered persons of interest.
Adding to the complexity of the situation, Mr. Kimani’s wife has also disappeared, with no information available regarding her whereabouts.
The DCI’s banking fraud investigation unit has emphasized the need to apprehend and prosecute those involved to safeguard the bank’s financial stability and protect the interests of investors and depositors.
The case has raised concerns about the potential impact on Equity Bank’s operations and its broader implications for local and international financial entities.