Court papers expose syndicate that saw Equity Bank lose Sh1.5bn in 90 days
Dear Listers, Details of an elaborate scheme targeting banks - through which Equity Bank lost Sh1.5 billion in just 90 days - have been exposed in a court case that also reveals how a convoluted trail was created to conceal the illicit source of funds, and how individuals and companies were used as proxies to execute the theft. In the case, police say lawyer Esther Bitutu Kadiki fraudulently siphoned Sh1,499,465,831 from Equity Bank between May and July 2024. To continue reading, please see: https://nation.africa/kenya/news/court-papers-expose-syndicate-that-saw-equi... Given these increasing fraud incidents, is our money safe in this digital economy? I wonder how many other banks have faced similar losses and remain mum about it. Regards, *Victor Kapiyo* Partner | *Lawmark Partners LLP* *Nine Planet Apartments, Nairobi | **Web: www.lawmark.co.ke <http://www.lawmark.co.ke/> * ==================================================== *“Your attitude, not your aptitude, will determine your altitude” Zig Ziglar*
Dear Victor, Our monies are safe. I believe such cases that target the bank directly rarely impact customers due to insurance. The big issue here are the systemic gaps and failures that are or can exploited to target individual end users. CBK which receives such reportd as a regulatory requirement should start making such reports public similar to the SEC Cybersecurity Incident Disclosure. This might set a very good precedent. On Wed, May 7, 2025, 3:39 AM Victor Kapiyo via KICTANet < [email protected]> wrote:
Dear Listers,
Details of an elaborate scheme targeting banks - through which Equity Bank lost Sh1.5 billion in just 90 days - have been exposed in a court case that also reveals how a convoluted trail was created to conceal the illicit source of funds, and how individuals and companies were used as proxies to execute the theft.
In the case, police say lawyer Esther Bitutu Kadiki fraudulently siphoned Sh1,499,465,831 from Equity Bank between May and July 2024.
To continue reading, please see: https://nation.africa/kenya/news/court-papers-expose-syndicate-that-saw-equi...
Given these increasing fraud incidents, is our money safe in this digital economy? I wonder how many other banks have faced similar losses and remain mum about it.
Regards,
*Victor Kapiyo* Partner | *Lawmark Partners LLP* *Nine Planet Apartments, Nairobi | **Web: www.lawmark.co.ke <http://www.lawmark.co.ke/> * ====================================================
*“Your attitude, not your aptitude, will determine your altitude” Zig Ziglar* _______________________________________________ KICTANet mailing list -- [email protected] To unsubscribe send an email to [email protected] Unsubscribe or change your options at: https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/ Archived at: https://lists.kictanet.or.ke/archives/list/[email protected]/mes...
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I concur. However, systemic risk can lead to the closure of businesses... *Ali Hussein* Fintech | Digital Transformation Tel: +254 713 601113 Twitter: @AliHKassim LinkedIn: Ali's Profile <http://ke.linkedin.com/in/alihkassim> <http://ke.linkedin.com/in/alihkassim> Any information of a personal nature expressed in this email are purely mine and do not necessarily reflect the official positions of the organizations that I work with. On Wed, May 7, 2025 at 9:16 AM Lawrence Muchilwa via KICTANet < [email protected]> wrote:
Dear Victor,
Our monies are safe. I believe such cases that target the bank directly rarely impact customers due to insurance.
The big issue here are the systemic gaps and failures that are or can exploited to target individual end users.
CBK which receives such reportd as a regulatory requirement should start making such reports public similar to the SEC Cybersecurity Incident Disclosure. This might set a very good precedent.
On Wed, May 7, 2025, 3:39 AM Victor Kapiyo via KICTANet < [email protected]> wrote:
Dear Listers,
Details of an elaborate scheme targeting banks - through which Equity Bank lost Sh1.5 billion in just 90 days - have been exposed in a court case that also reveals how a convoluted trail was created to conceal the illicit source of funds, and how individuals and companies were used as proxies to execute the theft.
In the case, police say lawyer Esther Bitutu Kadiki fraudulently siphoned Sh1,499,465,831 from Equity Bank between May and July 2024.
To continue reading, please see: https://nation.africa/kenya/news/court-papers-expose-syndicate-that-saw-equi...
Given these increasing fraud incidents, is our money safe in this digital economy? I wonder how many other banks have faced similar losses and remain mum about it.
Regards,
*Victor Kapiyo* Partner | *Lawmark Partners LLP* *Nine Planet Apartments, Nairobi | **Web: www.lawmark.co.ke <http://www.lawmark.co.ke/> * ====================================================
*“Your attitude, not your aptitude, will determine your altitude” Zig Ziglar* _______________________________________________ KICTANet mailing list -- [email protected] To unsubscribe send an email to [email protected] Unsubscribe or change your options at: https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/ Archived at: https://lists.kictanet.or.ke/archives/list/[email protected]/mes...
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KICTANet is a multi-stakeholder Think Tank for people and institutions interested and involved in ICT policy and regulation. KICTANet is a catalyst for reform in the Information and Communication Technology sector. Its work is guided by four pillars of Policy Advocacy, Capacity Building, Research, and Stakeholder Engagement.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
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KICTANet - The Power of Communities, is Kenya's premier ICT policy engagement platform.
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KICTANet is a multi-stakeholder Think Tank for people and institutions interested and involved in ICT policy and regulation. KICTANet is a catalyst for reform in the Information and Communication Technology sector. Its work is guided by four pillars of Policy Advocacy, Capacity Building, Research, and Stakeholder Engagement.
KICTANetiquette : Adhere to the same standards of acceptable behaviors online that you follow in real life: respect people's times and bandwidth, share knowledge, don't flame or abuse or personalize, respect privacy, do not spam, do not market your wares or qualifications.
PRIVACY POLICY: See https://mm3-lists.kictanet.or.ke/mm/lists/kictanet.lists.kictanet.or.ke/
KICTANet - The Power of Communities, is Kenya's premier ICT policy engagement platform.
participants (3)
-
Ali Hussein -
Lawrence Muchilwa -
Victor Kapiyo