Court papers expose syndicate that saw Equity Bank lose Sh1.5bn in 90 days
Our monies are safe. I believe such cases that target the bank directly
rarely impact customers due to insurance.
The big issue here are the systemic gaps and failures that are or can
exploited to target individual end users.
CBK which receives such reportd as a regulatory requirement should start
making such reports public similar to the SEC Cybersecurity Incident
Disclosure. This might set a very good precedent.
On Wed, May 7, 2025, 3:39 AM Victor Kapiyo via KICTANet <
[email protected]> wrote:
> Dear Listers,
>
> 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.
>
> To continue reading, please see:
> 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/> *
> ====================================================
>
> *“Your attitude, not your aptitude, will determine your altitude” Zig
> Ziglar*
>