Former Old Mutual employee charged with stealing KSh 89.5 million — Nation Kenya

In Kenya, Bernard Kariuki, a former employee of the insurance company Old Mutual Life Assurance Kenya, has been charged with stealing KSh 89.5 million from his employer, money laundering, and acquiring proceeds of crime. He denied the charges. The court released Kariuki on cash bail of KSh 800,000 or a bond of KSh 2 million.

As Nation Kenya reports, detectives from the Banking Fraud Investigations Unit believe the alleged scheme operated for eight years. Kariuki worked as a credit control officer. According to investigators, he used access to the company's internal systems to make payments to the accounts of three firms.

Transfers to three companies

Case documents state that, according to the investigation, Auris General Merchants Limited received KSh 35.27 million, Donbitz Global Limited received KSh 32.68 million, and Pedram Global Limited received KSh 21.63 million. Investigators said these companies had no business relationship with Old Mutual Life Assurance Kenya, but were added to the payment system and allegedly received funds outside normal approval procedures.

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According to the investigation, Kariuki allegedly created supplier records manually, used work email accounts and two system IDs, and manipulated system logs and the financial payments dashboard. The investigation report also states that forged documents and stamps may have been used to register the companies.

Resignation and investigation

Investigators link the transactions to a specific work laptop and claim that the username was changed in the system on March 31, 2024. In their view, this may have been an attempt to conceal traces. According to case materials, the alleged transfers stopped on November 10, 2025—the day Kariuki submitted his resignation and the company discovered suspicious activity.

Law enforcement officials also said that after money was transferred to the companies' accounts, Kariuki allegedly withdrew cash from banks and transferred funds through digital payment platforms. The people listed as directors of these companies may have been nominal representatives, according to detectives.