@BusinessDaily

DPP orders probe on top banks over NYS scam

6 months ago, 13 June 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(DCI) and the National Intelligence Service (NIS) has been put together to probe and track Sh250 million that was withdrawn within three days from a bank that transacted part of the Sh1.5 billion Ruaraka land sale.

He said the team will also investigate how Sh100 million was withdrawn within two days on the Sh8 billion NYS scandal.

“It is alarming that banks seem to be colluding with corrupt individuals and that a huge sum of money is being withdrawn without being brought to the attention of relevant agencies,” he said.

On the Ruaraka case, Sh250 million was withdrawn from the banks in three days while in the second NYS case, Sh100 million was withdrawn in two days,” he told the Senate committee on Justice, Legal Affairs and Human Rights.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 hours ago, 11:47
@BusinessDaily -
Facebook’s version of YouTube takes shape

Facebook Watch is the tech giant’s answer to YouTube. ...

Category: business news markets
2 hours ago, 10:55
@BusinessDaily - By: Allan Olingo
EA fish import from China fails toxic minerals test

Heavy metal residue indicates possible contamination of the water ponds used to farm the fish. ...

Category: business news
2 hours ago, 10:45
@BusinessDaily - By: Galgallo Fayo
Faking KRA lands firm Sh1bn tax evasion suit

Kenyan company with UK roots accused of forming a dummy firm with KRA initials and paying millions in tax funds into the fake entity’s account ...

Category: business news markets
3 hours ago, 09:55
@BusinessDaily - By: Edwin Mutai
MPs’ plan to raise own budget by 7pc yearly is rejected

Henry Rotich, the Treasury secretary, said such a process would fall foul of the law ...

Category: business news
7 hours ago, 05:54
@BusinessDaily - By: Victor Juma
Cost of second-hand cars set to rise

Reducing the age limit to five years means only more expensive vehicles will be imported ...

Category: business news lifestyle
7 hours ago, 05:37
@BusinessDaily - By: John Mutua
City Hall to seize rent of land rate defaulters in new law

Nairobi has struggled to meet its revenue targets since the onset of devolution in 2013 on weak systems, corruption and lack of resources to nab rate cheats. ...

Category: business news

@BusinessDaily

DPP orders probe on top banks over NYS scam

6 months ago, 13 June 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 hours ago, 11:47
@BusinessDaily -
Facebook’s version of YouTube takes shape

Facebook Watch is the tech giant’s answer to YouTube. ...

Category: business news markets
2 hours ago, 10:55
@BusinessDaily - By: Allan Olingo
EA fish import from China fails toxic minerals test

Heavy metal residue indicates possible contamination of the water ponds used to farm the fish. ...

Category: business news
2 hours ago, 10:45
@BusinessDaily - By: Galgallo Fayo
Faking KRA lands firm Sh1bn tax evasion suit

Kenyan company with UK roots accused of forming a dummy firm with KRA initials and paying millions in tax funds into the fake entity’s account ...

Category: business news markets
3 hours ago, 09:55
@BusinessDaily - By: Edwin Mutai
MPs’ plan to raise own budget by 7pc yearly is rejected

Henry Rotich, the Treasury secretary, said such a process would fall foul of the law ...

Category: business news
7 hours ago, 05:54
@BusinessDaily - By: Victor Juma
Cost of second-hand cars set to rise

Reducing the age limit to five years means only more expensive vehicles will be imported ...

Category: business news lifestyle
7 hours ago, 05:37
@BusinessDaily - By: John Mutua
City Hall to seize rent of land rate defaulters in new law

Nairobi has struggled to meet its revenue targets since the onset of devolution in 2013 on weak systems, corruption and lack of resources to nab rate cheats. ...

Category: business news
Our App