Kenya: Former MCA Faces 120 Charges in Ksh363 Million Fraud Case As Three Bank CEOs Summoned

Kenya: Former MCA Faces 120 Charges in Ksh363 Million Fraud Case As Three Bank CEOs Summoned

Nairobi -- A former nominated Member of the County Assembly has been arraigned over the alleged theft of more than KSh363 million from First Assurance Investment Company Limited, while the Chief Executive Officers of three leading commercial banks have separately been charged over the handling of the suspected proceeds.

Three bank CEOs, former MCA charged over alleged Ksh363M fraud scheme

The Director of Public Prosecutions (DPP) has charged the chief executive officers of NCBA Bank, KCB Bank and Co-operative Bank with failure to report suspected proceeds of crime in connection with an alleged Ksh363 million fraud scheme. According to the DPP, the three bank CEOs have been charged with failure to report suspicion regarding proceeds of crime, contrary to Section 5 as read with Section 44(2) of the Proceeds of Crime and Anti-Money …

NCBA, KCB and Co-op Bank CEOs charged over KES 363 million they allegedly failed to report

The DPP has charged NCBA, KCB and Co-operative Bank CEOs with failing to report suspicion over KES 363 million. Plea 11 August.

Three Bank CEOs Charged Over KSh363 Million Fraud Scheme in Kenya

Kenya’s DPP has charged three bank CEOs over alleged anti-money laundering violations as a former MCA faces 120 charges for the alleged theft of KSh363 million from First Assurance Investment Company Limited.

Three bank CEOs face charges in Sh363m fraud suit

The CBK fined five banks in 2018 for failing to report suspicious transactions in connection with the theft of funds at the National Youth Service (NYS), a State agency.

Former director, ex-nominated MCA charged over Sh363 million fraud

A former company director and ex-nominated Member of the County Assembly (MCA), Salim Mohamed Busaidy, has been arraigned before a Nairobi court over an alleged fraud scheme involving Sh363.4 million belonging to First Assurance Investment Company Limited, where he served as a director. Busaidy was a signatory of First Assurance Investment Company Limited representing Prime Cabinet Secretary Musalia Mudavadi when he sold it to other parties. He …