The Director of Public Prosecutions (DPP) has approved charges against three bank chief executive officers and a former nominated Member of the County Assembly over an alleged Sh363 million fraud scheme involving a company linked to one of the accused.
According to the DPP, the three bank CEOs will face charges for allegedly failing to report suspicions regarding proceeds of crime, contrary to Section 5 as read with Section 44(2) of the Proceeds of Crime and Anti-Money Laundering Act.
The CEOs are expected to appear before the Chief Magistrate’s Court on August 11, 2026, to take plea after the court issued summons requiring them to attend.
The DPP said the charges against the banking executives relate to transactions involving company accounts through which funds allegedly linked to the suspected fraud were moved.
Separately, the prosecution has charged a former nominated MCA over the alleged theft of Sh363,420,459 from a company where he served as a director alongside a governor.
Deputy Director of Public Prosecutions Nora Otieno and Principal Prosecution Counsel Willy Momanyi told the court that the accused allegedly committed the offences between May 18, 2018, and April 30, 2024.
The DPP alleges that the former MCA exploited his position as a director and his access to the company’s bank accounts to facilitate the alleged theft.
"Upon reviewing the evidence, the DPP approved 120 charges against the accused, comprising three counts of conspiracy to defraud, two counts of stealing, 114 counts of making a document without authority, and one count of acquisition of proceeds of crime," the statement said.
According to the DPP, the accused allegedly forged the signature of his co-director on numerous company cheques and presented them as duly authorised documents.
The prosecution alleges that the forged documents were subsequently used to facilitate the withdrawal of company funds.
The DPP further alleges that the former MCA acquired more than Sh363 million knowing or having reason to believe that the money constituted proceeds of crime.
"The DPP further contends that the accused acquired Sh363,320,459, knowing the money constituted proceeds of crime arising from the alleged theft," reads the statement.
The former MCA denied the allegations after appearing before Chief Magistrate Gethi Kibiru.
The court released him on a Sh10 million bond with one surety of a similar amount or a cash bail of Sh3 million.
