DPP charges NCBA, KCB and Co-op Bank CEOs over Sh363m fraud reporting failure

Three of Kenya’s largest bank chief executives are heading to the Chief Magistrate’s Court after the Director of Public Prosecutions approved Proceeds of Crime and Anti-Money Laundering Act charges over how suspicious money moved — not over who allegedly stole it first, Eastleigh Voice reported from an ODPP statement dated Wednesday.

The DPP said the CEOs of NCBA Bank, KCB Bank and Co-operative Bank will face counts of failure to report suspicion regarding proceeds of crime, contrary to Section 5 as read with Section 44(2) of POCAMLA. They are required to appear on 11 August 2026 to take plea after the court issued summonses. The charges arise from investigations into the alleged theft of Sh363,420,459 from First Assurance Investment Company Limited.

Busaidy’s 120 counts and the forged-signature trail

In the same matter, the DPP also approved charges against Salim Mohamed Busaidy, a former director of the company, over allegations that he orchestrated fraudulent withdrawals. Investigations established, according to ODPP, that Busaidy allegedly forged the signature of Lamu Governor Issa Abdalla Issa — who also served as a company director — on multiple company cheques. Following evidence review, prosecutors approved 120 charges against Busaidy: three counts of conspiracy to defraud, two of stealing, 114 of making a document without authority, and one of acquisition of proceeds of crime.

ODPP said the bank executives’ exposure relates specifically to alleged failure to report suspicious transactions associated with the movement of the funds as required under anti-money laundering law. The office reiterated its commitment to prosecuting economic and financial crimes impartially under the Constitution. Finance desk: Finance. Verified figures, statutes, plea date and charge structure from the Eastleigh Voice/ODPP package; the CEOs’ names were not itemised in the public summary used here, and all accused persons remain presumed innocent until proven guilty.

For compliance teams across the sector, the political signal is as important as the courtroom one: reporting failures on high-value cheque trails can land at the top of the house. Watchers will look for plea positions on 11 August, any applications on summons validity, and whether parallel civil recovery follows the criminal file.

Based on Eastleigh Voice reporting of the ODPP statement. Charge sheets and court records control final counts, named accused and next hearing dates.