The Office of the Director of Public Prosecutions (ODPP) has approved charges against three top bank executives over allegations that they failed to report suspicious transactions linked to a Ksh363 million fraud case.
Charge sheets obtained by Kenyans.co.ke on August 5 show that the executives are facing allegations under the Proceeds of Crime and Anti-Money Laundering Act, which requires reporting of suspected proceeds of crime and suspicious financial activity.
The case also involves allegations of theft of Ksh363.4 million from an investment company, where a former director is accused of unlawfully accessing company funds.
Investigators allege that the funds were withdrawn through transactions involving forged documents, including signatures allegedly used to authorise payments without proper approval.
Director of Public Prosecutions (DPP), Renson Ingonga, during an engagement at his office on November 6, 2025.
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ODPP
A review of the charge sheet by the ODPP indicates the prosecutors approved a total of 120 charges against the accused persons following a review of evidence gathered during investigations.
One of the executives, who heads one of Kenya’s largest banks by assets, is accused of failing to report suspicious transactions linked to funds allegedly stolen from an insurance company.
The charge sheet alleges that the bank handled transactions involving Ksh136.3 million, which investigators believe were part of the disputed funds.
Another executive, who leads one of the country’s biggest financial institutions, is facing similar allegations over transactions involving Ksh55.4 million. Investigators allege that the institution processed payments linked to the funds allegedly taken from the insurance company.
The third CEO, who runs a major listed commercial bank with a wide branch network, is accused of failing to report suspicious activity involving accounts held at the institution.
Investigators allege that transactions involving Ksh136.3 million passed through accounts operated at the bank.
The charge sheet states that the accused persons, together with others not before the court, allegedly engaged in transactions involving the company’s funds. The allegations include conspiracy to defraud and failure to report suspected proceeds of crime.
According to the charge sheet, investigators allege that the funds were withdrawn through company accounts after documents were presented to facilitate transactions.
The accused persons are expected to appear before the court on August 11, 2026, to take a plea.
The Milimani Law Courts building which hosts the High Court
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Office of the Registrar High Court
