Chase Bank sues staff over Sh877,000 theft
What you need to know:
- Mr Jogu Ngige, who was managing the bank’s cards department, was on Friday taken to Milimani law court for defrauding the bank using an ATM card that was subsequently used to withdraw money at various ATM outlets in Nairobi.
- Kenya’s banking fraud investigations department revealed that cases of fraud were leading to a loss of over Sh700 million by various financial institutions in the first quarter of 2014.
- An Ernest and Young report late last year also ranked Kenya high among countries surveyed on cases of business fraud and bribery in the private industry.
A Chase Bank employee has been charged with defrauding the lender Sh877,000.
Mr Jogu Ngige, who was managing the bank’s cards department, was on Friday taken to Milimani law court for defrauding the bank using an ATM card that was subsequently used to withdraw money at various ATM outlets in Nairobi.
The case will be come up for mention on March 19, this year.
Chase Bank noted that its business was anchored in trust and therefore it does not regret parting ways with members of staff who betray its ethical standards of behaviour.
“Cases of fraud at Chase Bank are investigated and dealt with decisively regardless of the amount involved. But we ensure that we put in place initiatives to ensure that such cases do not arise in the first place, by strengthening our internal control mechanism,” the bank said in a statement.
Kenya’s banking fraud investigations department revealed that cases of fraud were leading to a loss of over Sh700 million by various financial institutions in the first quarter of 2014.
An Ernest and Young report late last year also ranked Kenya high among countries surveyed on cases of business fraud and bribery in the private industry.
