Shock as Details Emerge on How Equity Bank Helped Thieves Loot Sh 10 Million from Family Savings Account

Shock as Details Emerge on How Equity Bank Helped Thieves Loot Sh 10 Million from Family Account

Shocking revelations have emerged on how one of Kenya’s leading banks, Equity Bank, allegedly facilitated the looting of Ksh10 million from a family savings account.

Wahome Thuku shared a disturbing account on his Facebook page, raising serious questions about the bank’s procedures and how such a substantial sum could vanish without the knowledge of its rightful owners.

The ordeal involves Isaac Mwangi, a businessman from Kitengela, who had placed Ksh10 million in a joint fixed deposit account with his siblings, Mary Karanja and Joseph Kinuthia, and their father, David Kariuki Karangi. The family expected their savings to be safe, untouched, and earning interest.

Instead, they were stunned to discover that the account had been emptied in what they now describe as suspicious and fraudulent circumstances.

According to Isaac’s account, the discovery was accidental. While discussing an unrelated matter with a bank employee, he was casually asked if he had closed his fixed deposit account. Confused, Isaac inquired which account the employee meant and was shocked to learn it was the one holding Ksh10 million.

Rushing to the branch, Isaac’s worst fears were confirmed. A bank statement revealed that the account had been completely cleared, leaving a zero balance.

The incident has since escalated into a full-blown legal case. Isaac and his siblings have sued Equity Bank, Marina Group Limited, and a woman identified as Lucy W. Muturi, claiming that their money was taken through a fraudulent scheme involving the three defendants.

Court documents state that the fixed deposit account was opened in September 2024 with Ksh10,464,725, but the family only realized the funds were gone in July 2025 after Isaac’s alarming conversation with the bank.

Equity Bank later informed them that the funds had been released following a court order from a case filed by Marina Group at the Embu Law Courts in November 2024. The company had sued the estate of Karangi over an alleged debt of Ksh19.8 million relating to farm machinery. At the time, their father was still alive and passed away only in February 2025.

The family disputes any agreement with Marina Group, arguing that even if such a dispute existed, the bank had no right to release money from their joint fixed deposit account without their consent.

Adding to the suspicion, the consent filed in the Embu case reportedly targeted a different account number at the Ngong Branch. Yet, on December 14, 2024, Equity allegedly debited the family’s fixed deposit account and transferred the funds to Marina Group’s lawyers.

Isaac insists that neither he nor his siblings were contacted or given any opportunity to defend their funds before the money was released.

In their Milimani case, the siblings accuse Marina Group and Lucy Muturi of fraud. They also accuse Equity Bank of negligence, conspiracy, and breach of fiduciary duty. The family now seeks full accountability, demanding that the three defendants refund the entire amount with interest and cover all legal costs.