News
Wells Fargo Admits Quickmart Sh95M Robbery Was An Inside Job
In a move seen as admitting that the November 2023 heist that saw its employees steal Sh94.9 million while transporting the cash to a bank in Nairobi was an inside job, Wells Fargo has admitted liability and offered to pay Quickmart Sh80 million in line with the valuables in transit contract it had with Quickmart.
However, it’s not all good news to the retail chain as this means that Quickmart may have to take a Sh14.9 million haircut, as the contract capped Wells Fargo’s indemnity of the retailer at Sh80 million. “The defendant is not liable for the claims of interest and costs of the suit or for any sum over and above Ksh. 80,000,000,” Quickmart said in court.
The security firm is to pay the funds from an insurance policy it took out with an undisclosed underwriter.
Two Wells Fargo employees allegedly colluded with a police escort to steal the Sh94.9 million that they were transporting to a bank. They had collected the funds from Quickmart’s several branches across Nairobi.
Part of cash recovered by police from raid.
The vehicle transporting the money was found dumped in South C. Eight people were arrested in November 2023 but the two main suspects who allegedly made away with the money are still at large. Police recovered Sh9.1 million in 2023.
The suspicions of a deep insider job conspiracy is further enhanced with the cold take it has taken in tracing the suspects both by the company and authorities.
Suspects: Daniel Mungai Mugetha (crew commander) and Anthony Nduiki.
If arrested, the suspects, who are on the run, will be charged with “theft by servant” and are likely to receive a lighter sentence than if they were charged with robbery with violence.
In September 2019, men posing as police officers stole Sh72 million stashed in 13 bags from the Standard Chartered Bank and G4S in Nairobi. Police said that the impostors stole the cash in transit from the G4S headquarters along Witu road and at an ATM in Nairobi West belonging to Standard Chartered Bank.
G4S head of escort Wilfred Nyambane reported that the G4S employees had left the headquarters in two vehicles with three men they thought to be cash-in-transit officers escorting them.
However, these men turned out to be robbers and demanded all their phones and offloaded the cash to another car, make Toyota Noah, that made away with the money.
In December 2016, four G4S employees were charged with stealing Ksh580,000 from Faulu bank along Ngong road. Investigations later revealed that the alarm went off at around 2am and the backup team from the security firm went to the bank, but left without reporting anything.
Some six years before that, in February 2010, another daring theft happened when a G4S cash-in-transit ‘crew’ disappeared with over Ksh300 million in Mombasa, leaving the police escorts stranded.
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