Invesco Assurance Company Limited and Compliant Insurance Agency Limited and their officials have been charged with Sh 309 million insurance fraud.
The official charged are Albert Karakacha Muhavani, Daniel Wekesa Nalyanya, Michael Nganga Kibara, Ruth Wangare Mwasalu, Anthony Githinji Ngerere, Hilda Wambui Karanja and Lamech Gisore.
The two companies are accused of committing insurance fraud by conspiring with others not before court with the result that a sum of 309,207,570 belonging to the Invesco Assurance Company Limited paid in as premiums by policyholders from the 27 branches of countrywide, was illegally and irregularly transferred to the Compliant Insurance Agency’s Account held at the M Oriental Bank, Sameer Park Branch, in violation of the Insurance Act.
Invesco and Compliant are accused of committing the offense on diverse dates between 26th April and 13th August 2024 within the Republic of Kenya.
The officials, the first three being the Director, the Chief Finance Officer and the Senior Accountant of Invesco respectively, and the last four being the officials of Compliant, knowingly and willfully conspired with each other and others before court with the result that Sh 309,207,570 belonging to Invesco, was illegally and irregularly transferred to the Compliant Insurance Account held at the M Oriental Bank, in violation of the Insurance Act.
Further, Muhavani, Nalyanya and Kibara are also charged with vesting the assets of an insurance company in the name other than the insurer contrary to the Insurance Act.
The accused persons denied the charges before Principal Magistrate P.K Mutai.
However, none of them agreed to plead to the charges against the two companies claiming they are not directors.
The court went ahead to enter a plea of not guilty for the two companies.
The accused were granted a bond of Sh 1 million with alternative cash bail of Sh 300,000 each.
