Wednesday, May 7, 2025 - A Nairobi lawyer, Esther Bitutu Kadiki, who is alleged to be the mastermind behind the Ksh 1.499 billion Equity Bank (Kenya) Limited heist, is set to appear in court for a hearing to determine whether she will be granted bond.
Kadiki, who has been remanded at Capitol Hill Police Station,
is facing accusations of being a key member of a sophisticated criminal
syndicate involved in high-level fraud.
According to the investigating officer, Inspector Chrispinus
Sore Shibanda of the Banking Fraud Investigations Unit (BFIU), Kadiki played an
integral role in planning and executing the scheme, benefiting both directly
and through proxies.
The court was told that she was involved in recruiting
targeted bank staff, penetrating the bank’s systems, and identifying proxy
persons and companies used to launder stolen funds.
The court also heard that companies linked to Kadiki and
eight of her associates pocketed Ksh 400 million out of the Ksh
1,499,465,831.29 that was siphoned from Equity Bank accounts between May 1st
and July 31st.
Documents tabled before the court indicate that Kadiki
recruited companies and individuals who acted as proxies, receiving the stolen
funds into their accounts.
Some of the stolen money, the court was told, was funneled
through NCBA Bank Kenya Limited and the National Bank of Kenya Limited (NBK),
which collectively received Sh38,404,574.
BFIU investigators revealed that fraudulent transactions were
made from Equity Bank’s internal Salaries Remittance General Ledger Account
Number 0001\**100774, with the funds credited to various non-Equity Bank
accounts.
Fictitious transaction narratives were entered into the
bank’s systems to conceal the origin, location, and movement of the funds.
Investigators believe Kadiki holds crucial information that could reveal the full scope of the conspiracy behind the massive heist.
Via Cyprian
Nyakundi.
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