Shock As JKUAT Student Steals Sh 41 Million From I&M Bank

Shock As JKUAT Student Steals Sh 41 Million From I&M Bank

A student from the Jomo Kenyatta University of Agriculture and Technology (JKUAT) is at the centre of a court tussle after he was connected to the loss of 41 million shillings.
The Assets Recovery Agency is asking the court to freeze the accounts of Timothy Kang'arua who they say transferred the money from I&M Bank.

The suspect wired the money using valid login credentials in the Safaricom web portal. It is said that he had insider help and even registered more than 300 Safaricom lines.

He used identity cards of unsuspecting Kenyans.

At first, the money transfers seemed like a list of beneficiaries but he later opened Equity Bank accounts under their names.

This places Equity Bank under scrutiny for the ease at which money laundering and criminal financial fraud happen there.

The accomplices in I&M helped him transfer money from their paybill to the mobile accounts of these unknown people. The money then found its way to the fake bank accounts and then to Mr Kang'arua's accounts.


In the affidavit:

There are no court orders currently preserving the funds and there is imminent danger the student will dispose of, transfer, withdraw and dissipate the said assets unless this court issues preservation orders as prayed in this application.


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