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.