Equity Bank
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A key suspect in the Sh1.49 billion Equity Bank fraud case John Karima Wainaina was apprehended by authorities at Jomo Kenyatta International Airport upon returning from China.
The arrest on November 9 was the culmination of extensive surveillance efforts by the Directorate of Criminal Investigations and the National Intelligence Service. Investigators have identified Wainaina as a member of a sophisticated criminal network specializing in banking fraud, cybercrime, and money laundering. His arrest follows the earlier detention of David Machiri Kimani, an Equity Bank manager at the Group Processing Centre's Salary Processing Unit, whose credentials were allegedly exploited to execute over 40 fraudulent transactions.
These transactions channelled funds to various competing banks, with investigators suspecting that Wainaina recruited Machiri into the scheme. The court has granted the banking fraud unit a 10-day detention period to conduct a thorough forensic analysis of Wainaina's electronic devices, including communications and CCTV footage that allegedly shows him orchestrating the heist and receiving stolen funds. Prosecutor Sonia Njoki emphasizes that releasing the suspect prematurely could compromise the gathering of crucial evidence and witness statements.
The fraudulent activity came to light on July 10 when Equity Bank's Internal Control Department identified suspicious transfers in their salary account system. The scheme, which operated throughout June, involved 47 unauthorized withdrawals disguised as legitimate payroll transactions. Court documents reveal that the stolen funds were systematically transferred to accounts connected to Wainaina or his associated proxy companies. While Wainaina remains in custody at Kileleshwa Police Station for questioning, his alleged accomplice Machiri has vanished.
Machiri's legal representatives claim he was forcibly taken from his residence in Thogoto, Kiambu County, with a similar incident reportedly involving his father in Murang'a. The Director of Public Prosecutions has requested an arrest warrant for Machiri, citing his failure to appear in court and comply with reporting requirements. The investigation has revealed that the majority of accounts receiving the stolen funds belonged to newly established businesses, suggesting a premeditated scheme designed specifically for this fraud. The case is scheduled for further court proceedings on January 21, 2025.