A banking fraud scam worth $1.5bn

banking fraud scam

This happenned in November 2006. The national government was accused of failing to do something on a banking fraud scam worth $1.5bn involving money laundering and tax evasion. The scan had been reported by whistle-blowers as early as 2004 but it didn’t seem to get the attention it needed byt the Government.

Investigators believed sums worth 10% of Kenya’s national income were involved. An auditor’s report claimed the scale of the operations were enough to threaten the stability of the Kenyan economy.

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