Court NewsLatest News
Former Old Mutual Employee Charged with Stealing KES 89.5M
Bernard Kariuki Ngugi appeared before the Milimani Principal Magistrate Daisy Mutai on Friday and denied the five counts of conspiracy to commit a felony, money laundering, and acquisition of proceeds of crime.
A former Old Mutual Life Assurance Kenya Limited employee has been charged in the Milimani Court with the offence of stealing KES 89.5 million from the company.
Bernard Kariuki Ngugi appeared before the Milimani Principal Magistrate Daisy Mutai on Friday and denied the five counts of conspiracy to commit a felony, money laundering, and acquisition of proceeds of crime.
The court heard that the accused, on various dates between 2018 and November 10, 2025, at Old Mutual Life Assurance Kenya Limited, stole Ksh 89,579,274, the property of the said company, which came into his possession by virtue of his employment.
In the count of money laundering, the court heard that Ngugi, Donbitz Global Limited, Auris General Merchants Limited, and Pedram Global Limited, between 2018 and November 2025, at Old Mutual Life Assurance Kenya Limited within Nairobi County in the Republic of Kenya, jointly and severally entered into arrangements to transfer and transact Ksh 21,625,030 into Absa Bank Kenya belonging to Pedram Global Limited the effect of which arangement was to place, layer, integate and disguise the true illicit source and ownership of the said funds while knowing that the said funds were proceeds of crime.
In another count, he was charged with acquisition of proceeds of crime contrary to Section 4(a)as read with Section 16(1)(a) of the Proceeds of Crime and Anti-Money Laundering Act.
During the aforementioned period, the accused, jointly with the three companies, acquired and used Ksh 89,579,274 that originated from the Old Mutual Life Assurance Kenya Limited account domiciled at Faulu Microfinance Bank Limited.
He denied the charges and pleaded with the court for lenient bond terms, stating that he would adhere to the terms and conditions the court sets.
He was granted a bond of Ksh 2 million with a surety of the same amount, or alternative cash bail of Ksh 800,000 with one contact person.
The matter will be mentioned on November 10, 2026, for pre-trial.
