Seven current and former directors of Invesco Assurance Company Limited and Compliant Insurance Agency were on Tuesday arraigned at the Milimani Chief Magistrate’s Court, facing serious charges of insurance fraud and stealing by directors.
The suspects include:
- Albert Karakacha Muhavani – Former Director, Invesco
- Daniel Wekesa Nyalyanya – Former CFO, Invesco
- Michael Ngángá Kibara – Former Accountant, Invesco
- Ruth Wangari Mwasalu, Antony Githinji Ngerere, Hildah Wambui Karanja, and Lameck Gisore Ongere – All Directors at Compliant Insurance Agency
The DCI’s Insurance Fraud Investigation Unit launched a probe in September 2024, following a report from the Insurance Regulatory Authority (IRA) and Policyholders Compensation Fund (PCF), after PCF unearthed a suspicious bank account during the statutory management takeover of Invesco.
The investigation revealed that a clandestine account under Compliant Insurance Agency, housed at M Oriental Bank (Sameer Business Park), was secretly used to channel premium collections from Invesco’s 27 branches nationwide.
The account was allegedly opened on May 1, 2024, with senior Invesco executives listed as signatories.
Between May 1 and August 15, 2024, over Ksh 309 million was allegedly siphoned through personal Mpesa accounts of the suspects.
Upon review of the evidence, the Office of the Director of Public Prosecutions (ODPP) authorized the charges of Insurance Fraud under the Insurance Act, while four of the accused face additional charges of Stealing by Directors under the Penal Code.
All seven were arrested on May 20, 2025, and detained at Capitol Hill Police Station ahead of their arraignment.
