Senior Credit Bank managers stationed in Westlands Branch, Nairobi have been linked to a complex 1.5 billion money laundering scheme. The branch manager Nancy Kung’a and operations manager Esther Kariuki have been mentioned.
According to the allegations, the two have been working together with businessman Alfred Mola in the scam.
In the whistleblower letter dated 14/12/2022 and addressed to the Director of Criminal Investigations (DCI), Banking Fraud Investigation Unit (BFIU), Nairobi’s County Criminal Investigations officer, EACC, and Credit Bank headquarters, five accounts have been listed for having been used in the fraud scheme in the last one and a half years.
Accounts mentioned in the letter; Pefam Construction Limited (0061007000126) Westlands, Pefam Construction Limited ( 0091007317) Eldoret, Decimeg Construction Company Limited( 0061012000003) and Destiny Sprinkles Limited ( 0061006000348).
As per the whistleblower, have received suspicious funds from transfers to other persons and business accounts. The monies received have been withdrawn from Credit Bank Westland’s Branch in cash or through inward cheque payments to accomplices.
The letter claims more than Sh1.5 billion has been transacted through the mentioned accounts.
It goes on to demonstrate how the branch has been a loose end to facilitate cash payments which have been subsided by the branch manager and the operations manager for a cut of 10 percent per transaction.
The 10 percent cut has been paid in cash, Mpesa or cash to the account of the branch manager’s brother and her daughter’s account below. These are Joel Kung’a (0061019000313) and Chantal Marissa Pande (0061019000675) respectively.
The operations manager deducts the 10% cut, and cash is taken to a black Subaru KDH 001K. This is a daily routine. At times these funds are collected by the driver to Molasses further clarification from the tellers,” the letter details.
The businessman Mr. Mola is served from the branch manager’s office where everything else unfolds. “Cash is paid by tellers and packed in a black bag by the operations manager and taken to the manager’s office.”
The branch manager Nancy Kung’a has developed a 5 bedroomed mansion in Kisumu and a brand new Toyota Harrier KDK 250 L allegedly from fraud proceeds of these funds and support from Alfred Mola.
We make reference to the transactions of 17.09.2022 to prove the 10% cut. The following amounts Ksh 3,800,000 were paid to Alfred Mola and a cut of 10% 380,000 paid to Chantal Marisa Pande 0061019000675,” it states further.
From these,four accounts were paid Sh 950,000 each and these are Pefam construction Limited,Alfred Mola,Decimeg Conctruction Company Limited and Destiny Sprinkles Limited which got an extra Sh 430,000 payment.
The staff want the investigative agencies to investigate the source of funds in the account of Joel and Chantal and seek to establish if they are the ones in charge.
Some of the staff from our investigation fear that the officers could be colluding with senior officers within the investigative agencies to go slow on the matter.
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This comes when Kenya is still coming to terms with a report tabled before the US Congress in 2021 exposing Kenya’s vulnerability to money laundering, financial fraud and terrorism financing.
Last month, the senate asked the Central Bank of Kenya (CBK and bank managers to explain allegations of fraudulent activities involving customer accounts at various Kenyan banks.
In a statement, Nominated Senator Tabitha Mutinda called on the Finance Committee to investigate allegations of fraudulent withdrawal of funds from accounts belonging to customers at various Kenyan banks.
She pointed to evidence of complaints from various customers who have complained of illegal transfers done in their bank accounts.