CEOs of 3 major Kenyan banks charged in fraud probe
Updated Aug. 6, 2026, 7:26 a.m. | By AFP Kenya's public prosecutor said Wednesday the chief executives of three of the country's largest banks had been…
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Updated Aug. 6, 2026, 7:26 a.m. | By AFP
Kenya's public prosecutor said Wednesday the chief executives of three of the country's largest banks had been charged with failing to report suspicious transactions.
The CEOs of NCBA, KCB, and Co-operative Bank are due to appear in court on August 11 to enter pleas, the Office of the Director of Public Prosecutions (DPP) said in a statement.
Prosecutors say the executives were charged for "failure to report suspicion regarding proceeds of crime".
The case centres on the alleged theft of more than 2.4 million euros ($2.8 million) from accounts belonging to insurance company First Assurance Investment Company Limited.
The DPP said one of the company's directors, Salim Mohamed Busaidy, has been charged with 120 offences linked to the case.
He is accused of forging the signature of a fellow director on numerous cheques to facilitate the illegal withdrawal of company funds.
Busaidy faces multiple charges, including fraud, theft and forgery.
Kenya's Directorate of Criminal Investigations (DCI) said he allegedly diverted the funds between May 2018 and April 2024.
According to investigators, Busaidy used his position at the company and his access to its accountants at the three banks to illegally withdraw money which was then used to buy vehicles and other assets.
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