In a dramatic legal twist, Equity Bank Kenya Limited has been barred from hiking interest rates on loans issued to its former head of internal audit, Bildad Khaemba Fwamba. The former auditor, who was sacked in October 2024 over a reported Sh1.5 billion fraud at the bank’s salary processing unit, is now fighting back. The […]
The shares, valued at approximately Sh604 million, are set to be auctioned by ABC Bank to recover a Sh433.76 million loan defaulted by Equatorial Nut Processors, a company in which Munga holds a 92% stake.
In July, the bank was also robbed of Sh1.5 billion in a separate incident. The main suspect in that incident, David Machiri, has been missing since being picked up by DCI officers in August.
The bank has come under harsh criticism from businessmen who’re now accusing the lender of violating their loan terms.
In the letter signed by Gerald Munyiri, the Equity’s General Manager Security & Investigations alerting the Banking Fraud Investigations Department at the DCI seeking for help in investigating and prosecuting perpetrators, it details how the hackers moved the money from MasterCard and quickly spread it to the 551 accounts within the bank and through M-Pesa.
A Nigerian firm that was at the centre of a multi-billion money laundering probe last year used fake documents to wire millions of dollars from Kenyan banks to American bank Citibank. RemX Limited, which was investigated by the Assets Recovery Agency (ARA) on fears of card fraud and money laundering and later cleared, duped the […]
UBA and Equity Banks are currently embroiled in a legal tussle with Assets Recovery Agency (ARA) over Sh5.6B frozen in the two banks suspected to being proceeds of crime and a dark world money laundering scheme. According to reports, the money is alleged to be linked to Deputy President William Ruto and in play are […]
Equity Bank has been given a go ahead to sell houses belonging to real estate firm Suraya Property Group to recover its loans. This follows a ruling by the Court of Appeal on the prolonged battle that has seen several parties trying to take over the mansions in Kiambu. The bench judge agreed with Equity […]
It’s feeling darker for the Belgian National Marc Freddy H De Mesel a supposed cryptocurrency guru who for the past months has been on the spotlight for alleged money laundering. He’s now been profiled By Kenyan security agencies as a money launderer. In reported instances, De Mesel has relentlessly been trying bring his funds to […]
This is a story of an Equity Bank agent who was doing well for the bank at one point making huge profits for the firm. All were merry and he was the darling of the company, the poster boy whose success story ran on banking halls until one day he failed to meet his daily […]
Kenyan Equity Bank is on the spot over corruption and bribery in South Sudan. According to a report by United Nations’ Human Rights Council, a security printing firm De La Rue may have paid bribes to South Sudan officials through a Kenyan Equity Bank account, Lavington branch in Nairobi. In the report, the council notes […]
Ugandan tycoon Matthias Magoola of Dei Pharmaceuticals Company is the businessman who Deputy President William Ruto negotiated a Sh15 billion loan from Equity Bank using the single phone call to the bank’s managers in Nairobi, as lightly approved by the CEO during interrogations by the parliamentary committee. What passed many in the whole saga as […]
In 2020, Banks advised those who had received fake currencies either through ATMs or over the counters to report the cases to the Central Bank’s Fraud Investigating Unit, or their respective banks as soon as possible. Kenya Bankers Association Chief Executive Habil Olaka told the Nation that cases of fake notes getting into circulation from […]
