Bank Employee Accused of Stealing Ksh 66M Released on Bail
An employee of a local bank, accused of stealing Ksh66.9 million, has been released on Ksh1 million cash bail or Ksh5 million bond.
The employee was accused of using his knowledge of the bank’s system to steal millions in a series of transactions in one day.
While appearing before senior principal magistrate Ben Mark Ikhubi, the protection told the court that the suspect carried out the transactions on August 3, 2023.
The employee has, however, denied the allegation, claiming they are false.
The prosecution sought orders to hold the suspect for more days to allow investigations, but Magistrate Ikhubi released him.
The case will be mentioned on November 2, 2023.
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Banking fraud in Kenya has increased in the past decade as mobile banking and mobile money have grown, with victims losing millions.
Cyberfraud and insider dealings have been blamed for some of the cases, with banks silently sending home staff accused of stealing or colluding with criminals.
The latest data by the Kenya Financial Sector Stability Report revealed that bank fraud had grown from 14 percent in 2009 to 84 percent in 2022.
Out of this, 6.1 percent accounted for mobile bank users, 25.9 percent for mobile money users, and 6.8 percent for bank account users.
Additionally, 34.5 percent and 25.9 percent of bank account holders attributed the loss of their money to an inside job within the institutions and phone-related fraud respectively.
Bank Employee Accused of Stealing Ksh 66M Released on Bail
