Former Old Mutual Officer Charged With KSh89.5 Million Theft

Bernard Kariuki Ngugi, a former Credit Control Officer at Old Mutual Life Assurance Kenya Limited, was arraigned on theft charges involving KSh89.5 million at Milimani Law Courts on October 23, 2026.

He pleaded not guilty to theft by servant, money laundering and related offences, and was released on a bond of KSh2 million or an alternative cash bail of KSh800,000.

The Directorate of Criminal Investigations’ Banking Fraud Investigations Unit says the alleged fraud occurred between 2018 and November 2025, during which Ngugi is suspected of using his privileged access to divert KSh89,579,274 through three companies with no legitimate business relationship to the insurer.

The three entities – Auris General Merchants Ltd, Donbitz Global Limited and Pedram Global Limited – allegedly received KSh35.27 million, KSh32.68 million and KSh21.63 million respectively, with transfers made via a Cooperative Bank of Kenya account for Auris and an NCBA Bank Kenya account for Donbitz.

Detectives allege the transactions were intended to conceal the origin and movement of the funds, and the investigation file was forwarded to the Office of the Director of Public Prosecutions, which agreed to charge Ngugi.

Ngugi was tracked down and arrested in Nairobi before being presented before Resident Magistrate Irene Tamara, and the court set pre-trial directions for November 10, 2026.