Former Imperial Bank managing director Abdulmalek Janmohamed who allegedly stole Sh34 billion from the bank over a period of 13 years has been linked by a private investigator to eight bank accounts in which Sh3.4 billion in loot money was traced.
The Kenya Deposit Insurance Corporation (KDIC) says the eight accounts were opened using pseudo names under instructions from the late Janmohamed.
The accounts were registered under Gulshan Account, containing Sh364 million, Ali Shah with Sh264 million, Barkat Khan account with Sh376 million, M Khan account with Sh341 million, B Mohamed Account with Sh337 million, Jionesh Shah account with Sh50 million, Zulfikar account with Sh376.5 million and Hanscombe/Angelica account containing Sh1.3 billion.
Court documents show these were fake names but did not reveal the banks where the eight accounts were hosted.
Evidence shows that the late Janmohamed and his associates including current managing director Naeem Shah and his deputy, James Kaburu used 12 companies to open accounts at Imperial Bank into which massive amounts of money were deposited and then withdrawn and immediately closed.
KDIC has applied for a permanent freeze on the bank accounts and other assets linked to the late Janmohamed.
Imperial Bank future ultimately relies on whether the bank will manage to trace and recover the amounts siphoned from the lender.