Two people have been charged in separate cases involving alleged insider fraud at Equity Bank and Old Mutual, with one accused of duplicating banking system profiles in a suspected theft plot and the other of stealing Sh89.5 million from the insurer and laundering the money through three companies.
In the Equity Bank case, Ian Maina faced three charges over alleged manipulation of the lender’s banking system known as Finacle. In the Old Mutual case, a former employee Bernard Ngugi was charged with stealing Sh89.5 million from the insurer and laundering the alleged proceeds.
Mr Maina is accused of duplicating Finacle user profiles between May and October 21, 2026, alongside people who have not yet appeared in court.
The charge sheet says he duplicated two banking-system profiles and the alleged offences occurred at an unknown. The counts concern computer access, attempted theft and conspiracy.
Finacle is banking software used to manage bank accounts and transactions; user profiles determine access permissions.
The first count accuses him of unauthorised access to Equity Bank’s computer system, contrary to the Computer Misuse and Cybercrimes Act. It alleges he duplicated the profiles ‘with intent to commit a further offence, namely theft.’
A second count charges him with attempted theft by servant, while the third count accuses him of conspiring with others to commit a felony.
The charge sheet does not state how much money was allegedly targeted or say that funds were taken from the bank.
Mr Maina denied the charges and was released on cash bail of Sh200,000 or an alternative bond of Sh600,000 pending the trial.
The Old Mutual case alleges theft over a longer period. Mr Ngugi is accused of stealing Sh89.5 million between 2018 and November 10, 2025. The charge sheet says the money went into his possession through his employment.
He also faces money-laundering allegations alongside Donbitz Global Limited, Auris General Merchants Limited and Pedram Global Limited.
Prosecutors allege transactions were arranged to conceal the funds’ source and ownership, despite knowing or having reason to believe they were proceeds of crime.
One count concerns Sh35.2 million allegedly transferred through a Co-operative Bank account belonging to Auris General Merchants. Another cites Sh32.6 million routed through an NCBA Bank Kenya account held by Donbitz. The charges claim Sh21.6million was channelled through a company known as Pedram.
The court trial followed a probe by the Directorate of Criminal Investigations’ Banking Fraud Investigations Unit.
Mr Ngugi denied the charges and was released on a Sh2 million bond or Sh800,000 cash bail. The case was listed for pre-trial directions on November 10, 2026.