Bernard Kariuki Ngugi has been charged with stealing by a servant and multiple money laundering offences over transactions involving Ksh.89.5 million allegedly stolen from Old Mutual Life Assurance Kenya Limited.
Ngugi appeared before the Milimani Law Courts in Nairobi, where he denied the charges brought against him alongside three companies: Donbitz Global Limited, Auris General Merchants Limited and Pedram Global Limited.
According to the charge sheet, the alleged offences occurred between 2018 and November 10, 2025, involving funds belonging to Old Mutual Life Assurance Kenya Limited.
Alleged Theft of Ksh.89.5 Million
The first count accuses Ngugi of stealing Ksh.89,579,274.94, described in the charge sheet as property belonging to Old Mutual Life Assurance Kenya Limited that came into his possession by virtue of his employment.
The prosecution alleges that the money was transferred through arrangements involving the accused and the three companies named in the case.
Companies Linked to Alleged Money Laundering
In separate counts, the prosecution accuses Ngugi and the three companies of money laundering and acquisition of proceeds of crime.
The second count alleges that Ksh.35,272,982.36 was transferred to an account held by Auris General Merchants Limited at Co-operative Bank of Kenya.
The third count concerns an alleged transfer of Ksh.32,681,261.99 to a Donbitz Global Limited account at NCBA Bank.
Another count alleges that Ksh.21,625,030.59 was transferred to an Absa Bank Kenya account belonging to Pedram Global Limited.
The prosecution alleges that the transactions were intended to place, layer, integrate or disguise the illicit source and ownership of the funds.
A further count accuses the defendants of acquiring, possessing and using Ksh.89,579,274.94 allegedly originating from Old Mutual Life Assurance Kenya Limited. The charge sheet states that the funds were subsequently split and retained in accounts at Faulu Microfinance Bank, Co-operative Bank, NCBA Bank and Absa Bank.
Case Proceeds to Court
The charges cite provisions of the Penal Code and the Proceeds of Crime and Anti-Money Laundering Act.
He was granted a cash bail of Ksh.800,000.
He is set to appear before the court in two weeks for further directions
