DPP charges three bank CEOs and former MCA in KSh 363 million fraud case
The Director of Public Prosecutions DPP has charged the chief executives of NCBA Bank, KCB Bank, and Co-operative Bank with failing to report suspicious proceeds of crime. These charges are linked to an alleged KSh 363 million fraud case. The three CEOs are expected to appear before the Chief Magistrate's Court on August 11, 2026, to take their plea. In connection with the same case, a former nominated Member of the County Assembly MCA appeared before Chief Magistrate Gethi Kibiru on August 5, 2026, denying 120 charges. These charges include theft, conspiracy to defraud, making a document without authority, and acquisition of proceeds of crime, totaling KSh 363,420,459 from First Assurance Investment Company Limited. The prosecution alleges that between May 18, 2018, and April 30, 2024, the former MCA, who was a director of the firm alongside Lamu governor Issa Abdalla Issa, exploited his position and access to company bank accounts at NCBA Bank, KCB Bank, and Co-operative Bank to siphon funds. Prosecutors claim the accused repeatedly forged Governor Issa's signature on company cheques to facilitate withdrawals. The former MCA was released on a bond of KSh 10 million with one surety of a similar amount, or a cash bail of KSh 3 million.
