Despite sweeping internal purges, mass dismissals and a CEO who pledged to be “ruthless”, East Africa’s second-largest bank has been systematically looted in Kenya, Uganda and Rwanda in a pattern of insider fraud and cybercrime that raises fundamental questions about the institution’s structural integrity — and the regulators who are supposed to be watching.
Victims have reported being strangled, threatened with contaminated syringes, and even smeared with human feces when they resist.
Ruth Muthoni Kamau – described by investigators as the heist’s mastermind – has become what some in law enforcement circles call “untouchable.”
In what authorities are calling one of the most sophisticated banking frauds in Kenya’s recent history, prominent city lawyer Esther Bitutu Kadiki stands accused of masterminding an elaborate scheme that drained Sh1.5 billion from Equity Bank in just 90 days. Court documents reveal a complex web of fictitious transactions, proxy companies, and cryptocurrency conversions designed […]
