Timothy Kang’arua, a student at the Jomo Kenyatta University of Agriculture and Technology has been accused of fraudulently transferring Ksh41 Million from a local Bank to himself.
According to the Assets Recovery Agency (ARA), Kang’arua used a complex scheme where he registered over 300 mobile lines using ID cards of unsuspecting Kenyans and opened bank accounts using their details.
The cash was then transferred to the accounts of the beneficiaries at the Bank and eventually to Kang’arua’s account.
The agency stated that the list of owners of the ID cards initially appeared like that of beneficiaries.
ARA’s detective Jackson Nzau added that Kang’arua used the help of his accomplices to defraud the bank.
The agency further revealed that the investigations had established that the deposits and withdrawals were made in tranches below Ksh1,000,000 to evade the reporting threshold put by the Central Bank of Kenya.
Any withdrawals beyond Ksh1 Million must be reported and the account holder asked to declare the source of the money.
On November 17, 2017, Lemuel Wanjiru received Ksh827,500. The funds were on the same date transferred to Kang’arua’s account.
On the same day, Simon Wahome received Ksh757,600 while Collins Kaguchia received Ksh897,150. Both tranches were subsequently transferred to Kang’arua’s account.
The agency now wants the court to issue a preservation order prohibiting Kanga’arua from transacting, withdrawing, transferring funds held in his name at the Bank for 90 days.