In a complex case involving fraud and money laundering, suspects in the Sh322 million heist from Equity Bank allegedly funneled part of the stolen funds to accounts in Abu Dhabi.
This revelation has shaken Kenya’s financial sector as it demonstrates the growing sophistication of fraud operations within local banks.
According to investigators, the funds were part of a larger plot that involved tampering with Equity Bank’s payment systems and involved multiple actors, including bank insiders.
The fraud scheme first came to light when Equity’s internal security team noticed irregularities in the salary processing system, which had been manipulated using a manager’s login credentials.
The funds, originally intended for employee salaries, were instead directed into various accounts, both local and abroad.
The swift movement of these funds raised concerns within the bank and prompted immediate action by law enforcement agencies.
According to details from the investigation, the portions of the stolen money were wired to Abu Dhabi, raising suspicions of an international money laundering network.
The funds were moved through shell companies and newly registered business entities, a strategy commonly employed by organized crime syndicates to obscure the origins and final destinations of illicit money.
In fact, several of the businesses involved were traced back to newly opened accounts with no clear operational history, further pointing to their use as conduits for moving the stolen money.
Law enforcement agencies, including the Banking Fraud Investigation Unit and the Directorate of Criminal Investigations (DCI), have launched a full-scale investigation into the case.
Authorities are particularly focused on tracing the flow of the Sh322 million to ensure that the key suspects, both locally and internationally, are brought to justice.
The DCI has also identified several individuals believed to be part of the criminal syndicate that facilitated the heist.
Equity Bank, which has a strong reputation for customer service and financial security, has been left devastated by this breach.
The bank has since stepped up its security protocols and is working closely with law enforcement to mitigate any further damage to its operations and reputation.
The case reveals the vulnerability of even well-established financial institutions to insider threats and highlights the global nature of modern financial crimes, where stolen money can quickly move across borders through sophisticated laundering networks.
Investigators continue to follow the money trail in a bid to recover the stolen funds and dismantle the network behind the heist.
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