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Fraud

ARA suspecting Sh316m theft at the treasury and presidency

Detectives from the EACC have discovered a suspected theft of more than Sh316 million involving four ministries and that includes the National Treasury and the presidency.

Findings by the Assets and Recovery Agency show that the heist was coordinated by top government officials who used seven businesses owned by Ruth Nyambura James and Stephen Musyoka Kinyamaso to hide the identities.

The loot was deposited in seven different bank accounts and quickly withdrawn in cash.

ARA also discovered payouts in the Defence Ministry, State Department for Public Service, Interior Ministry and the Ministry of Health.

“That the suspected bank accounts of the business entities received multiple payments from the same ministries and state agencies in massive schemes of money laundering and fraud in an effort to conceal, disguise the nature, sources, disposition and movement of the illicit funds and should be preserved,” ARA claimed.

Ruth Nyambura James owns five of the businesses s and Stephen Musyoka Kinyamaso owns two.

Already ARA has court orders to temporarily freeze than Sh91 million their accounts.

Both of them had their business accounts at Equity Bank with Sh58.6 million and Sh31.8 respectively.

The heist was perpetrated from December 2014 to July 2020 when the ARA began the probe.

“Preliminary investigations established that Ruth Nyambura James and Stephen Musyoka Kinyamaso business entities received multiple payments from the same government ministries and state agencies in schemes of money laundering amounting to Sh316.5 million which would then be withdrawn in cash in split transactions in an effort to conceal or disguise the nature, source, location, disposition or movements of the said funds,” ARA said.

The agency established that on 22 October 2018, Butah Technologies owned by Nyambura received Sh9.9 million from the Immigration department and the money was soon withdrawn from Equity, Taj Mall Branch.

The huge cash withdrawals were done in three different transactions just two days after it reflected in the account.

Apart from Butah Technologies, Nyambura’s also owns Jaruh Supplies, Caillytech Solutions, Five Zone Traders and Sinatab Agencies.

She withdrew Sh6 million, three days later she went for another Sh2 million and after three weeks she withdrew Sh900,000.

Musyoka owns Famotech Supplies and Steko Enterprises and the agency believes the two suspects could be known to each because direct bank transfers were also discovered.

On October 18, 2019, Jurah Supplies directly transferred Sh600,000 was Stekno Enterprises. Jurah is owned by Nyambura while Stekno belongs to Musyoka.

Statements show that Jurah Supplies received up to Sh Sh77.2 million from state agencies just after it opened an account in December 2014.

Ministry of Defence paid Jaruh Supplies in 42 tranches totalling Sh14 million, the presidency paid it in 10 transactions worth Sh5.1 million.  The National Treasury paid it Sh2 million in two transactions.

In July EACC moved in with court orders to freeze four bank accounts belonging to the National Treasury’s deputy director external resources Charles Muia Mutiso.

His accounts with unexplainable wealth at Absa, KCB, and Cooperative Bank have more than Sh36.7 million.

 


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