An employee of Family Bank, Elias Kinyua Njue, has found himself facing serious legal trouble as he stands accused of embezzling a staggering sum of Sh66.9 million from the financial institution.

The accused, who allegedly executed the theft through the exploitation of his position within the bank, appeared in court before senior principal magistrate Ben Mark Ikhubi to respond to the criminal charges lodged against him.

The prosecution alleges that this significant financial transgression occurred on August 3, 2023, sending shockwaves throughout the banking industry and raising questions about the security measures in place within financial institutions.

Njue denied the allegations brought against him during the court proceedings and was freed on a cash bail of Sh1 million, with the alternative option of a bond set at Sh5 million.

Furthermore, the trial magistrate scheduled the next phase of legal proceedings for November 2, 2023 when the case will be mentioned and pre-trial rules set ahead of the comencement of the trial proper.

Read More

  1. Sh80 million settlement for Quickmart after dramatic Wells Fargo staff heist
  2. Family Bank extends Sh9.3 billion rights issue to drive expansion, tech upgrades
  3. Family Bank names Nancy Njau as new managing director, pending approval

Njue now faces the arduous task of defending himself against the allegations that have garnered considerable public attention.

The outcome of this case will undoubtedly hold significant ramifications not only for the accused but also for the reputation and credibility of Family Bank, as it grapples with the repercussions of this audacious theft.