Court papers expose syndicate that saw Equity Bank lose Sh1.5bn in 90 days
*Ali Hussein*
Fintech | Digital Transformation
Tel: +254 713 601113
Twitter: @AliHKassim
LinkedIn: Ali’s Profile <ke.linkedin.com/in/alihkassim>
<ke.linkedin.com/in/alihkassim>
Any information of a personal nature expressed in this email are purely
mine and do not necessarily reflect the official positions of the
organizations that I work with.
On Wed, May 7, 2025 at 9:16 AM Lawrence Muchilwa via KICTANet <
[email protected]> wrote:
> Dear Victor,
>
> 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*
>>
