Banking Fraud Investigators and the DCI have arrested 19 people allegedly connected to a loss of Sh179,677,736 from the Equity Bank.
The general manager of security and Investigations, Gerald Munyiri confirmed the arrest and said the theft involved 551 Equity Bank customers who did so through card transaction fraud.
Munyiri said the 19 suspects were arrested on Tuesday and investigators have started probing into the massive debit card.
He said he wrote to the Director of the Banking Fraud Investigations Department on April 15 and gave them the details of how the fraud happened.
“This was a theft by 551 bank account holders who received the funds after card fraud transactions done during the period from April 9 to 15, 2024,” said Munyiri in the letter.
Munyiri said earlier on April 15, the bank’s risk department discovered an upsurge of transactions emanating from the bank’s Incoming Mastercard GL.
He said preliminary investigations revealed that between April 9 and 15, 2024, Sh179,677,736 was paid out from the GL fraudulently to the 551 Equity Bank accounts.
“Additionally, Sh63,023,983 was sent to Safaricom Mpesa and Sh39,047,344 was sent to eleven commercial banks,” said Munyiri.
He said the bank is in touch with Safaricom and the respective banks to assist in tracing the movement and safeguarding the funds.
Munyiri said the bank has also lien Sh60,733,087 in the 551 accounts.
A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt.
A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.
Those arrested were taken for grilling ahead of planned arraignment and recovery.
Officials and witnesses said Extelecoms House, Haile Selassie Avenue which is the headquarters of Banking Fraud was expecting more arrests as the crackdown continues.
Some of the suspects arrested last month for involvement in the crime were deported to Nigeria.
This is after they were found with cards they were using in the crime, police said.
Police said their investigations are ongoing and they hope to get all those involved in the crime.