The Esther Kadiki Syndicate That Bled Equity Bank Sh1.5 Billion in Just 90 Days

It is a scandal that has rocked Kenya’s banking sector to its core. In just 90 days, Sh1.5 billion disappeared from Equity Bank in what investigators now describe as one of the most daring and sophisticated heists ever uncovered.

At the center of it all is lawyer Esther Bitutu Kadiki, accused of masterminding a shadowy network of fraudsters, bank insiders, and proxies.

Court papers lay bare how this syndicate built a complex financial maze, siphoning millions daily, layering transactions to cover their tracks, and exploiting modern tools like crypto to launder the stolen cash.

As the legal battle unfolds, many are asking how such a massive breach could have happened right under the nose of one of Kenya’s biggest banks.

Kadiki’s network used a tiered approach. At the top were the masterminds who designed the entire scheme. The mid-level operatives executed transactions and maintained communication between different parts of the syndicate. [Photo/Courtesy]

Esther Kadiki Syndicate Exposed in Bank Heist Case

The court case reveals chilling details of how the Esther Kadiki syndicate operated. Between May 1, 2024, and July 31, 2024, Equity Bank lost exactly Sh1,499,465,831, according to police reports.

The funds were stolen from the bank’s internal Salaries Remittance General Ledger Account and funneled into multiple non-Equity accounts.

Police allege that Kadiki, a lawyer by profession, led the syndicate with military-like precision. An affidavit sworn by Inspector Chrispinus Sore Shibanda from the Banking Fraud Investigations Unit describes an elaborate setup.

The syndicate did not just hack into systems; it recruited bank insiders, created fake accounts, and manipulated transaction logs.

“The money was credited to various accounts, but in all cases, fake narrations were used in the bank’s system to hide the true source and nature of the funds,” the affidavit states.

Investigators say this was not a random smash-and-grab operation. It was a well-oiled machine. After the funds landed in the syndicate’s hands, a carefully planned laundering process kicked in.

First-tier beneficiaries would make bulk withdrawals, transfer the money to other banks, or buy cryptocurrencies to muddy the trail.

Recruitment of Bank Insiders to Breach Security

One of the most shocking revelations is how the Esther Kadiki syndicate recruited bank staff to breach internal systems. The scheme did not rely solely on external hacking. Instead, it thrived on insider cooperation.

According to court documents, the recruitment started with carefully selecting insiders who had access to sensitive banking systems. These insiders were lured with promises of huge financial rewards.

Once inside, they manipulated the bank’s ledger accounts and initiated fraudulent transactions that went unnoticed by routine security checks.

Kadiki’s network used a tiered approach. At the top were the masterminds who designed the entire scheme. The mid-level operatives executed transactions and maintained communication between different parts of the syndicate.

At the bottom were money mules and account holders, many of whom were unaware of the larger plot.

Experts say this kind of organized financial crime shows a deep understanding of banking operations and security protocols.

The syndicate exploited every weakness, from human error to system loopholes, to pull off one of the biggest bank frauds in recent memory.

Esther Kadiki Syndicate Used Crypto and Bulk Withdrawals to Launder Stolen Billions

Once the syndicate secured the funds, the next challenge was to clean the dirty money. Here, the Esther Kadiki syndicate proved just how sophisticated it was. Court filings show that the team used multiple layers of transactions to confuse investigators.

Bulk cash withdrawals were made at various bank branches. The money was then moved to other banks, both locally and internationally. Some of it ended up in crypto exchanges, where it became almost impossible to trace.

“The layering process was intricate,” Inspector Shibanda’s affidavit reads. “The unlawfully credited amounts were moved through several means to disguise their source and destination, including the purchase of crypto currencies.”

This method of using crypto not only helped the syndicate mask the flow of money but also gave them quick access to international markets, where the cash could be further laundered or invested.

Investigators are now working to trace the final destinations of the stolen billions. However, with crypto and cross-border transactions involved, recovering the full amount is proving to be a daunting task.

Conclusion

The case of the Esther Kadiki syndicate is a wake-up call for Kenya’s banking industry. It exposes glaring weaknesses in security systems and highlights the need for stronger insider threat detection.

As the legal process continues, all eyes remain on Equity Bank and how it plans to restore public trust after one of the most brazen heists in its history.