The High Court granted Equity Bank a ruling that freezes bank accounts and cryptocurrency of four individuals and six companies accused of receiving part of an alleged Sh1.5 billion diversion from the lender’s salary‑processing ledger.

The freeze is limited to a combined Sh303.2 million, with each account capped at specific amounts ranging from Sh8.7 million to Sh156.2 million, and any identifiable cryptocurrency must be converted to cash within ten days.

Converted funds will be deposited in a tier‑one bank licensed by the Central Bank of Kenya, which will act as escrow until Equity’s recovery suit is resolved.

The judge noted Equity had presented a strong case requiring answers from the defendants but cautioned that the final outcome of the trial remains uncertain.

Equity alleges that former salary‑processing manager David Machiri Kimani misused his access to divert Sh1.49 billion between November 2023 and June 2024, routing funds to third‑party accounts and converting portions into cryptocurrency.

The bank named Kimani, businessman Owen Karanja Kuguru, businesswoman Ruth Muthoni Kamau and ten companies—including KT Owen Group, Axteron Technologies and Blue Kenfresh—as alleged co‑conspirators, claiming the firms were set up specifically for the fraud.

All defendants have denied the allegations; Kuguru asserts his firms provide legitimate trade‑finance services, while Kamau contends Equity obtained her personal data unlawfully, a claim the judge dismissed for procedural reasons.

The court refused Equity’s request for broader tracing and accounting orders, limiting the freeze to the specified amounts and the ten‑day cryptocurrency conversion window.

The ruling was made public on 4 November 2026, following an internal Equity review that uncovered over 40 suspicious transactions using the manager’s credentials and led to the dismissal of about 195 employees.