@BusinessDaily

DPP orders probe on top banks over NYS scam

1 weeks ago, 18:50

By: Edwin Mutai

The Director of Public Prosecutions (DPP) has ordered the banking sector regulator, criminal investigations department and the spy agency to probe 10 banks that handled millions of shillings that were siphonedout of the National Youth Service (NYS) and the Sh1.5 billion proceeds of Ruaraka land compensation.

Noordin Haji, the DPP, told Parliament that a team comprising officials from the Central Bank of Kenya (CBK), the Directorate of Criminal Investigations (DCI) and the National Intelligence Service (NIS) has been put together to probe and track Sh250 million that was withdrawn within three days from a bank that transacted part of the Sh1.5 billion Ruaraka land sale.

He said the team will also investigate how Sh100 million was withdrawn within two days on the Sh8 billion NYS scandal.

“It is alarming that banks seem to be colluding with corrupt individuals and that a huge sum of money is being withdrawn without being brought to the attention of relevant agencies,” he said.

On the Ruaraka case, Sh250 million was withdrawn from the banks in three days while in the second NYS case, Sh100 million was withdrawn in two days,” he told the Senate committee on Justice, Legal Affairs and Human Rights.

The committee chaired by Nandi Senator Samsom Cherargei had summoned Mr Haji to provide a status of the ongoing investigations into corruption scandals including the Ruaraka land, NYS, National Cereals and Produce Board, Youth Enterprise Fund, Kenya Pipeline Company and Kenya Power.

Mr Haji said a team has been set up that brings together CBK, DCI and NIS to trace the huge individual withdrawals.

Meru Senator Mithika Linturi however sought to know if the DPP is investigating banks for failure to report huge withdrawals or allowing customers to withdraw huge amounts of money without question.


Read More


Category: business corporate news lifestyle

Suggested

1 hour ago
@BusinessDaily - By: Kitavi Mutua And ...
Farmers staring at losses after India shuts door to ‘ndengu’

Farmers in Ukambani had staked their hopes on selling their crop in India, until Modi stopped imports of green gram. ...

Category: business lifestyle news markets opinion corporate
2 hours ago, 17:49
@BusinessDaily - By: James Kariuki
State agencies under scrutiny over fake goods

The seizures and eventual destruction of contraband goods worth Sh1.2 billion this week should illustrate Kenya’s seriousness in its quest to stem counterfeits and seal taxation loopholes. ...

Category: business lifestyle news markets opinion corporate economy
9 hours ago, 09:52
@BusinessDaily - By: Kazungu Samuel
Cross-border small traders to gain from deal

Seven Horn of Africa countries have signed an agreement to allow informal traders to operate freely across their borders. ...

Category: business lifestyle news markets opinion corporate
10 hours ago, 09:44
@BusinessDaily - By: Barack Oduor
Leaders oppose former MP’s Sony Sugar appointment

Leaders have opposed the appointment of former MP Owino Likowa to head the South Nyanza Sugar Company Board. ...

Category: business lifestyle news
10 hours ago, 09:41
@BusinessDaily - By: Barnabas Bii And ...
Audit reveals cereals board received Sh3bn toxic maize

Internal audit revealed it’s holding maize worth billions of shillings unfit for human consumption. ...

Category: business news
19 hours ago, 00:05
@StandardMedia - By: Xn Iraki
Is USA upstaging China in the Kenyan market?

Whoever can understand the Kenyan mind, or better influence it will take the Kenyan market. ...

Category: business news

@BusinessDaily

DPP orders probe on top banks over NYS scam

1 weeks ago, 18:50

By: Edwin Mutai

The Director of Public Prosecutions (DPP) has ordered the banking sector regulator, criminal investigations department and the spy agency to probe 10 banks that handled millions of shillings that were siphonedout of the National Youth Service (NYS) and the Sh1.5 billion proceeds of Ruaraka land compensation.

Noordin Haji, the DPP, told Parliament that a team comprising officials from the Central Bank of Kenya (CBK), the Directorate of Criminal Investigations (DCI) and the National Intelligence Service (NIS) has been put together to probe and track Sh250 million that was withdrawn within three days from a bank that transacted part of the Sh1.5 billion Ruaraka land sale.

He said the team will also investigate how Sh100 million was withdrawn within two days on the Sh8 billion NYS scandal.

“It is alarming that banks seem to be colluding with corrupt individuals and that a huge sum of money is being withdrawn without being brought to the attention of relevant agencies,” he said.

On the Ruaraka case, Sh250 million was withdrawn from the banks in three days while in the second NYS case, Sh100 million was withdrawn in two days,” he told the Senate committee on Justice, Legal Affairs and Human Rights.

The committee chaired by Nandi Senator Samsom Cherargei had summoned Mr Haji to provide a status of the ongoing investigations into corruption scandals including the Ruaraka land, NYS, National Cereals and Produce Board, Youth Enterprise Fund, Kenya Pipeline Company and Kenya Power.

Mr Haji said a team has been set up that brings together CBK, DCI and NIS to trace the huge individual withdrawals.

Meru Senator Mithika Linturi however sought to know if the DPP is investigating banks for failure to report huge withdrawals or allowing customers to withdraw huge amounts of money without question.


Read More

Category: business corporate news lifestyle

Suggested

1 hour ago
@BusinessDaily - By: Kitavi Mutua And ...
Farmers staring at losses after India shuts door to ‘ndengu’

Farmers in Ukambani had staked their hopes on selling their crop in India, until Modi stopped imports of green gram. ...

Category: business lifestyle news markets opinion corporate
2 hours ago, 17:49
@BusinessDaily - By: James Kariuki
State agencies under scrutiny over fake goods

The seizures and eventual destruction of contraband goods worth Sh1.2 billion this week should illustrate Kenya’s seriousness in its quest to stem counterfeits and seal taxation loopholes. ...

Category: business lifestyle news markets opinion corporate economy
9 hours ago, 09:52
@BusinessDaily - By: Kazungu Samuel
Cross-border small traders to gain from deal

Seven Horn of Africa countries have signed an agreement to allow informal traders to operate freely across their borders. ...

Category: business lifestyle news markets opinion corporate
10 hours ago, 09:44
@BusinessDaily - By: Barack Oduor
Leaders oppose former MP’s Sony Sugar appointment

Leaders have opposed the appointment of former MP Owino Likowa to head the South Nyanza Sugar Company Board. ...

Category: business lifestyle news
10 hours ago, 09:41
@BusinessDaily - By: Barnabas Bii And ...
Audit reveals cereals board received Sh3bn toxic maize

Internal audit revealed it’s holding maize worth billions of shillings unfit for human consumption. ...

Category: business news
19 hours ago, 00:05
@StandardMedia - By: Xn Iraki
Is USA upstaging China in the Kenyan market?

Whoever can understand the Kenyan mind, or better influence it will take the Kenyan market. ...

Category: business news
Our App