By the time detectives from the Banking Fraud Investigations Unit (BFIU) arrested Bernard Kariuki last Thursday, he had allegedly siphoned off Sh89.5 million from his employer, Old Mutual Life Assurance Kenya, through a fraud scheme that spanned eight years.
The Credit Control Officer is accused of creating a network of three companies that received money illicitly transferred from his employer. He would later resign, leaving behind a trail of suspicious payments that investigators say they traced to companies linked to him.
But away from the alleged financial deception, Mr Kariuki cultivated an online image of a man dispensing advice on wealth creation, financial freedom and the pursuit of early retirement.
In his resignation letter dated November 10, 2025, he expressed gratitude to his employer. On social media pages that he has since taken down, detectives told the Daily Nation, he advised followers on how to become millionaires and retire young.
His posts portrayed him as an ordinary man with no conspicuous display of wealth. He also shared motivational messages and readings about people who persevered against the odds to build fortunes.
Among his posts were book covers, including The Psychology of Fraud, Persuasion and Scam Techniques by Martin Dove. The book examines techniques used by fraudsters including artificial intelligence-mediated tactics and offers guidance on recognising scams and protecting against deception.
Court documents seen by the Daily Nation allege that investigators reportedly traced the Sh89.5 million thefts to Auris General Merchants Limited, Donbitz Global Limited and Pedram Global Limited companies.
Auris General Merchants Ltd received Sh35.27 million, Donbitz Global Limited received Sh32.68 million, while Sh21.63 million was wired to Pedram Global Limited.
According to an investigation report filed in court, Kariuki allegedly exploited his access to his employer’s systems, using work email accounts and two system identities to facilitate the transactions.
Investigators also questioned how the payments passed through the system without being flagged, despite the involvement of bank officials.
The report alleged information technology records linked the transactions to a specific company laptop. Investigators further claim that his username was changed on March 31, 2024, in what they suspect was an attempt to conceal his tracks.
The alleged theft stopped when he resigned on November 10, 2025 the same day the company discovered the suspected fraud, according to the report filed in court.
The allegations were supported by Kenneth Mbugua, Head of IT Service Delivery, who traced the physical laptop and email access and John Omondi Ojwang, Head of Finance and Reporting Platforms, who examined changes to digital identities and login timelines.
Investigators allege Kariuki manipulated system logs and the financial payments dashboard, added three companies to the payment system and bypassed the normal approval processes.
The report further alleges that he manually created vendor records for Auris General Merchants Ltd, Donbitz Global Limited and Pedram Global Limited, enabling payments to be channelled to companies he had direct access to.
To get the companies approved, Kariuki reportedly forged documents and rubber stamps to bypass internal checks. The report claims he presented documents purportedly from a business partner identified as Zamara.
Once the companies were entered into the system, he allegedly sent emails requesting the activation of their bank details to facilitate payments.
“On November 22, 2022, he (Kariuki) demanded the activation of Donbitz Global Limited using a bank statement for Absa Bank and on February 4, 2025, he ordered the activation of Pedram Global Limited using an NCBA Bank cheque,” the BFIU investigation report alleges.
An accountant approved the entries, investigators found, because she trusted her senior colleague and was unaware of the alleged fraud.
Bank records and audit reports allege that the money was transferred to accounts in several banks, raising questions about why the transactions were not flagged. Investigators also reported that the three companies had no business dealings with Old Mutual Life Assurance Kenya, despite receiving millions of shillings from the insurer.
The BFIU report further alleges that Mr Kariuki used fictitious directors and made rapid cash withdrawals to conceal the movement of the money and frustrate efforts to trace it.
The report by the detectives alleges that once the money reached the companies’ bank accounts, Mr Kariuki personally withdrew cash over the counter and transferred money through digital payment platforms without involving the individuals listed in the companies' official records, who are believed to be proxies.
Last Friday, Kariuki was arraigned at the Milimani Law Courts where he was charged with stealing by servant, money laundering and acquisition of proceeds of crime. He denied the charges and was released on a cash bail of Sh800,000 or an alternative bond of Sh2 million.
