How two banks lost Sh37m in insider fraud schemes

Court finds that two people fired over fraud schemes in two banks were not unfairly dismissed.

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A judge has backed the dismissal of two former bank employees caught in separate fraud schemes that saw two lenders lose a combined Sh36.64 million, underscoring the growing insider risks facing financial institutions.

Court proceedings revealed how I&M Bank and SBM Bank Kenya Limited lost Sh27.14 million and Sh9.5 million respectively through schemes by insider employees. Two former employees dismissed over the fraud schemes sued the lenders.

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