A man suspected of involvement in the Ksh 1.4 billion Equity Bank heist has been arraigned in court, with police requesting an extended period for further investigation. John Karima Wainaina is accused of participating in the theft of Ksh 1,499,465,831.29 from Equity Bank between June 1 and July 31, 2024. He appeared before Chief Magistrate Susan Shitubi as detectives from the Banking Fraud Investigations Unit (BFIU) filed an application seeking to detain him for 14 days to complete their investigation.
BFIU Inspector Chrispinus Sore Shibanda informed the court that the bank reported fraudulent debit transactions on these dates, with funds moved from the bank’s internal Salaries Remittance General Ledger account into various non-Equity Bank accounts. In each instance, the bank’s systems registered false transaction descriptions to obscure the origin and movement of funds.
Preliminary investigations reveal that Wainaina is allegedly one of the primary beneficiaries, with funds credited to accounts under his name or in proxy companies associated with him. BFIU detectives allege that Wainaina is part of a sophisticated crime syndicate, each member assigned specific roles, from recruiting bank staff to coordinating transactions and laundering funds through various accounts.
“The applicant has intelligence suggesting that the respondent was responsible for recruiting companies and individuals whose accounts were used to launder the stolen funds,” Shibanda stated. The court also heard that investigators require time to verify documentary and electronic evidence, review CCTV footage from locations where Wainaina reportedly met his associates, and collect additional witness statements to strengthen the case.
According to Shibanda, Wainaina was arrested on November 9, 2024, at Jomo Kenyatta International Airport as he returned from China, where he had fled upon learning of the investigation, marking him a potential flight risk.
He is currently detained at Kileleshwa police station awaiting the court’s ruling on the application. This development follows the arraignment of another suspect connected to the same case three months prior.
