One of the suspects at the center of the daring KSh 1.5 billion money heist at Equity Bank has been detained for 10 days to allow police to complete their investigation into the crime.
John Karima Wainaina, who was arrested at Jomo Kenyatta International Airport (JKIA) on November 9, 2024, has been implicated in one of the largest banking frauds in Kenyan history.
Milimani Chief Magistrate Susan Shitubi granted the police’s request for detention, giving investigators the time they needed to gather critical evidence and complete the probe into the multi-million-dollar theft.
The arrest followed a months-long investigation into the bank fraud, which also led to the capture of David Machiri Kimani, a manager at Equity Bank who allegedly processed fraudulent transactions.
Wainaina’s involvement is said to be central to the operation, and he is believed to have received a portion of the stolen funds before fleeing the country.
The KSh 1.5 billion theft took place on July 10, 2024, when Equity Bank’s internal control department detected a series of suspicious transactions involving its salaries account.
This account typically used for trading securities and financial instruments, was compromised by a syndicate of criminals with inside knowledge of the bank’s operations.
A total of 47 withdrawals were made from the salalies account, involving funds being transferred to multiple accounts in rival banks, making it difficult for the bank’s internal systems to flag the transactions in real-time.
The stolen funds were moved swiftly, likely in an attempt to cover the tracks of the perpetrators.
Police believe that Wainaina, with his insider access, used his knowledge of the bank’s systems to orchestrate and execute the fraud.
His role was crucial, as he allegedly manipulated the bank’s IT systems to facilitate the transfers, a skill that suggests he had prior inside experience or connections within the institution.
After the theft, Wainaina reportedly fled the country and is believed to have gone into hiding in China.
Investigators believe he received a portion of the stolen funds in cash and may have attempted to launder the money abroad.
His international escape did not go unnoticed, and he was placed under surveillance by the Banking Fraud Unit of the Kenyan police.
His attempt to evade justice came to an abrupt end when he returned to Kenya on November 9, 2024, and was promptly arrested at JKIA by the police.
Authorities had been tracking his movements for months, and his arrival back in Kenya marked the culmination of a months-long investigation into the KSh 1.5 billion heist.
Wainaina’s capture has been hailed as a significant breakthrough in the investigation.
Wainaina’s arrest follows the earlier detention of David Machiri Kimani, a manager at Equity Bank, who is also believed to have played a key role in the fraudulent activities.
Kimani allegedly processed the fraudulent transactions that led to the siphoning of KSh 1.5 billion from the bank. He is currently in police custody as investigations continue into his role in the heist.
The connection between Wainaina and Kimani points to the involvement of insiders with access to sensitive banking systems.
The sophisticated nature of the operation suggests that it was not just a case of external hackers, but a carefully planned fraud orchestrated by individuals with significant knowledge of the bank’s operations.
As part of their ongoing investigation, police are working to retrieve key pieces of evidence, including emails, text messages, and CCTV footage.
These pieces of evidence are crucial in piecing together the full scope of the heist, and police hope they will lead to the identification of additional accomplices.
The investigation has also raised questions about the vulnerability of Equity Bank’s internal controls and the measures that were in place to prevent such a large-scale fraud. Authorities are looking closely at how the stolen funds were moved across different accounts and through multiple banks.
Investigators are also working to trace the flow of the money internationally, particularly to China, where Wainaina had been hiding before his arrest.
