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Kenyan regulators to probe 10 banks for alleged handling of stolen money

Kenyan regulators will investigate 10 financial institutions for processing client transactions related to stolen funds from the National Youth Service, the Daily Nation reported May 31, citing the Directorate of Criminal Investigations.

The lenders are suspected of deliberately facilitating the transactions of money stolen using fake payment vouchers, Central Bank of Kenya Governor Patrick Njoroge said.

Njoroge said the banks, including KCB Group PLC and Standard Chartered Bank Kenya Ltd., showed carelessness in handling the transactions, with the thefts estimated in the billions of shillings, according to a report by Standard Digital. He also said he is compiling proof to punish the perpetrators, the reports said.

On May 29, 24 people were charged in court for stealing public funds, while more suspects were being found. Director of Public Prosecutions Noordin Haji said the next steps will result in the recovery of money and more prosecutions, Daily Nation said.