Sunday, January 22, 2012

Police probe loss of over Sh500m in fraudulent bank deals



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Detectives established that bank employees were at times involved in forgeries and embezzlement.
Photo/FILE Detectives established that bank employees were at times involved in forgeries and embezzlement.  
By NATION REPORTER
Posted  Sunday, January 22  2012 at  20:40
Police are investigating fraudulent bank transactions involving more than Sh500 million.
The offences that involved electronic fund transfers, forgery, identity theft and loan frauds were committed last December.
Of the Sh557 million reported stolen, Sh532 million was recovered.
Twenty one cases are pending in court and involve an additional Sh48 million stolen out of which Sh10 million was recovered.
Among the cases under investigation is one involving Sh933,000 stolen from Commercial Bank of Africa.
Detectives are also investigating the loss of Sh600,000 from Co-operative Bank.
Police spokesman Eric Kiraithe said the amounts reflect only part of the money stolen because most of the cases are often not disclosed.
“Due to the ethical and market consideration, including sensitivity to the victim situation, all the information cannot be disclosed.
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“Some other information can touch on the bank, customer confidentiality,” he said.
In one of the cases, Mr Elijah Okumu is charged with stealing Sh15.8 million from the Standard Chartered Bank. The case is scheduled for hearing on February 15.
Ms Jane Maina is facing a similar charge in which Kenya Commercial Bank lost Sh800,000. The case is set for hearing on February 9.
In December last year, 14 cases were finalised in court and most of the accused set free. (READ: Theft of cash from ATMs on the rise)
On December 28, Margaret Thuku and Simon Githiri were jailed for 18 months each after they were found guilty of stealing Sh3.5 million from National Industrial Credit Bank.
In a case involving Chase Bank, Mr Jeremiah Oprong was acquitted of stealing Sh1,044,000.
Police believe the amounts reported stolen reflect a small portion of real losses since banks sometimes prefer internal disciplinary measures in cases involving employees.
In the recent cases, detectives established that bank employees were at times involved in forgeries and embezzlement.
The staff also worked with criminals to facilitate such thefts. In many instances, they steal blank cheque leaves which are used to withdraw money.

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