Court papers expose syndicate that saw Equity Bank lose Sh1.5bn in 90 days

Details of an elaborate scheme targeting banks – through which Equity Bank
lost Sh1.5 billion in just 90 days – have been exposed in a court case that
also reveals how a convoluted trail was created to conceal the illicit
source of funds, and how individuals and companies were used as proxies to
execute the theft.

In the case, police say lawyer Esther Bitutu Kadiki fraudulently siphoned
Sh1,499,465,831 from Equity Bank between May and July 2024.

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nation.africa/kenya/news/court-papers-expose-syndicate-that-saw-equity-bank-lose-sh1-5bn-in-90-days-5031006#story

Given these increasing fraud incidents, is our money safe in this digital
economy? I wonder how many other banks have faced similar losses and remain
mum about it.

Regards,

*Victor Kapiyo*
Partner | *Lawmark Partners LLP*
*Nine Planet Apartments, Nairobi | **Web: www.lawmark.co.ke
<www.lawmark.co.ke/> *
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*“Your attitude, not your aptitude, will determine your altitude” Zig
Ziglar*