Bank Officials Face Charges for Laundering SH1 Billion Through National Youth Service

Last year over Sh1 billion was looted from the National Youth Service in Kenya. News is breaking today that the Director of Criminal Investigations and the DPP are now considering prosecuting 20 bank officials across five banks for their role in the crime.

It is believed that senior officials at Standard Chartered, Kenya Commercial, Equity, Diamond Trust and Cooperative banks quietly allowed some of the key suspects in the Sh8 billion looting of the NYS to move large sums of money undetected.

The DPP announced last night that he had instructed special prosecutors to review the evidence gathered by the DCI and recommend whether the individuals will all be charged.

It is a move that is likely to shake the banking industry with several well-known lenders and officials involved.

The Central Bank of Kenya (CBK) has already fined the five lenders a total of Sh392 million for failing to report large transactions to the industry regulator.