News
Seven Directors Charged With Sh309M Insurance Fraud
Seven current and former directors of Invesco Assurance Company Limited and Compliant Insurance Agency were on Tuesday arraigned before the Chief Magistrate’s Court in Milimani over their alleged involvement in a Sh 309 million insurance fraud scheme.
The accused, Albert Karakacha Muhavani (former director, Invesco), Daniel Wekesa Nyalyanya (former CFO, Invesco), Michael Ngángá Kibara (former accountant, Invesco), Ruth Wangari Mwasalu, Antony Githinji Ngerere, Hildah Wambui Karanja, and Lameck Gisore Ongere (all directors at Compliant Insurance Agency) face multiple charges stemming from months-long investigations led by the Directorate of Criminal Investigations (DCI).
According to the DCI’s Insurance Fraud Investigation Unit, the probe began in September 2024 following a tip-off from the Insurance Regulatory Authority (IRA).
The investigation was triggered after the Policyholders Compensation Fund (PCF), which had taken over the management of Invesco Assurance under statutory management, unearthed a hidden bank account held at M Oriental Bank’s Sameer Business Park branch.
The account, registered under Compliant Insurance Agency, had been opened on May 1, 2024, and was allegedly used to divert funds.
Authorities claim that premium collections from Invesco’s 27 branches nationwide were funneled into this undisclosed account.
Between May and August 2024, investigators say the accused siphoned approximately Sh309 million into their individual Mpesa accounts.
After compiling witness statements and documentary evidence, the DCI submitted a case file to the Office of the Director of Public Prosecutions (ODPP), which approved the charges.
The seven now face charges of Insurance Fraud contrary to Section 204B(2) as read with Section 204B(5) of the Insurance Act.
Additionally, the four directors from Compliant Insurance Agency — Mwasalu, Ngerere, Karanja, and Ongere — have been charged with Stealing by Directors, in violation of Section 282 of the Penal Code.
Kenya Insights allows guest blogging, if you want to be published on Kenya’s most authoritative and accurate blog, have an expose, news TIPS, story angles, human interest stories, drop us an email on [email protected] or via Telegram
Both Sides Claim Victory After US, Iran Agree To 11th-Hour Truce
The Teflon Company: How Gulf Energy’s Insiders Built Billions on Kenya’s Fuel, and Walked Away Clean
Inside Details Of Sh78 Billion Fraud in KPC’s Mombasa-Nairobi Line 5 Pipeline Project That Has Continued To Bleed The Country
Details Of The Precise Rescue Of Elite US Troops From Iranian Territory
The Fuel Deal That Exposed Wandayi’s Lies As Pressure Mounts For His Resignation
Who Architected the Ksh 4.8 Billion Fuel Scandal? Two CSs Now Caught in the Storm
THE ZAKHEM-ECOBANK MACHINE: How Kenya’s Courts Were Weaponised to Drain a State Corporation of Over KES 78 Billion
Poison at the Pump: How Kenya’s Fuel Marking System May Be Exposing Millions to Cancer-Causing Chemicals
Inside Nyayo House: The Kitchen Cartel That Demands Sh100,000 for a Stove
JSC Rot: “Why I Paid Over Sh4 Million for a High Court Slot” — Explosive Claims by ‘Incoming Judge’
Tuju Forcefully Removed From His Karen Property With Masked Officers In Unmarked Vehicles In Early Morning Raid
Named: Havi Says Mutava Confessed He Was Collecting The Bribe For Lady Justice Josephine Mongare, So Why Is JSC Still Silence?
How Little-Known Pesa Print, Linked to State House Tycoons, Won NTSA Tender Worth Sh42 Billion in Traffic Fines
The Man With The Golden Pen: How NLC’s Joel Ombati Is Accused Of Masterminding Kenya’s Biggest Infrastructure Land Heist
‘They Will Eat You Alive’: Retired Teacher Warns Against Bashy African Credit as Sh500,000 Loan Spirals Into Sh1.5 Million Fight
THE HANDSHAKE THAT BECAME A NOOSE: How Tuju’s Alleged Intimate Access to EADB’s Yeda Apopo Produced a Sh294 Million Deal With No Written Contract, and Why That Trust Destroyed an Empire
Forged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
Waweru’s Bank Pockets Sh1.16 Billion from KPC IPO While Ordinary Kenyans Fled the Sale
How Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
Men Linked to Akasha Drug Dynasty Charged With Death Threats and Assault at Nairobi Nightclub
-
Business2 weeks agoTHE HANDSHAKE THAT BECAME A NOOSE: How Tuju’s Alleged Intimate Access to EADB’s Yeda Apopo Produced a Sh294 Million Deal With No Written Contract, and Why That Trust Destroyed an Empire
-
Investigations1 week agoForged Legacy: How Kaplan and Stratton’s Peter Gachuhi Is Accused of Faking a Top AG’s Will as State Claims Damning Evidence
-
Business1 week agoHow Firm Linked To Mombasa Tycoon Jaffer Was Allowed To Import Fuel At Bloated Price And Set To Make Billions In Profits From Iranian War Crisis In Kenya
-
News2 weeks agoMen Linked to Akasha Drug Dynasty Charged With Death Threats and Assault at Nairobi Nightclub
-
News2 weeks agoCity Lawyer Kimani Wachira Caught Up In Bribery Web Fights Claims
-
Business7 days agoSold And Abandoned: How Diageo and Asahi Are Locking Kenya’s EABL Minority Shareholders Out Of East Africa’s Biggest Corporate Heist
-
News7 days agoTreasury Hands Sh358M Brief to Eric Gumbo’s Firm While Bypassing Standard Rules — and the Lawyer Is Already Deep Inside Ruto’s State Machine
-
Business1 week agoTHE BANK THAT BROKE THE TRUCKER: How NCBA’s Asset Financing Empire Is on Trial Before London’s Most Feared Arbitral Tribunal