Unravelling the Sh1.5 Billion Equity Bank Heist

On July 10, 2024, Equity Bank, Kenya's second-largest financial institution, fell victim to a sophisticated heist involving the theft of Sh1.5 billion designated for employee salaries and benefits.

The bank's internal control department uncovered a series of suspicious transactions within the salaries account, comprising 47 withdrawals rapidly transferred to numerous external accounts. Anomalies in the corresponding credit information, typically exchanged between banks during fund transfers, raised red flags. Subsequent investigations pinpointed the bank's salary processing unit manager David Machiri Kimani as a key figure. His credentials were used to authorize the fraudulent transactions while he was on leave.

In a series of unsettling events, the banker and his father were abducted in separate incidents. Mr. Kimani was taken from his residence in Thogoto, Kiambu County, on a Sunday morning while his family attended church. Witnesses reported that approximately ten armed individuals arrived at his home and departed with him in multiple vehicles. Later that night, another group of armed and masked men forcibly entered the Mathioya home of Mr. Kimani's father, Peter Kimani Machiri. Security footage from the Machiri residence reveals the intruders wielding firearms and equipment to breach the property's defences. After cutting the electricity, they seized Mr Machiri and swiftly left the scene.

These abductions appear to be linked to the ongoing investigation into the substantial fraud case at Equity Bank involving the misappropriation of over 1.5 billion Kenyan shillings. Court documents suggest that the scheme was orchestrated within the bank, implicating multiple departments. The fraud allegedly involved the creation of new accounts and businesses specifically designed to receive and quickly transfer illicitly obtained funds. The Directorate of Criminal Investigations (DCI) has taken a keen interest in Mr. Kimani and his father, viewing them as persons of interest in the case. However, local law enforcement, represented by Kikuyu Police Commander Ronald Kirui, states that no official reports of the abductions had been filed in Kiambu County.

Adding to the family's distress, Mr. Kimani's wife has also disappeared with her whereabouts unknown and her mobile phone unreachable. The family's legal representative Mr. Ndegwa Njiru expresses deep concern over her unexplained absence. The DCI's Banking Fraud Investigation Unit has emphasized the urgency of apprehending and prosecuting the suspects to protect investors' and depositors' interests. They argue that the fraudulent activities pose a significant threat to Equity Bank's financial stability and could have far-reaching consequences for local, international, and government entities.