In May 2022, Kenya witnessed one of the most audacious banking scams in recent history, when Faith Mwikali Ndiwa allegedly defrauded Guaranty Trust Bank (GTB) Kenya of Sh25 million in a series of clever manipulations that fooled even the bank’s CEO at the time, Jude Olabayo.
The scheme began when Ndiwa walked into GTB’s offices, presenting herself as a wealthy client seeking financial advice.
She claimed to have Sh70 million in her account and asked for guidance on managing the funds. The CEO, unaware of her true intentions, provided advice, believing she was a legitimate investor.
Within days, Ndiwa returned with a different narrative, claiming she urgently needed Sh8 million to pay hospital bills for her ailing mother.
When Olabayo inquired about the Sh70 million she had previously mentioned, she said the money had been invested in a Nairobi property. Convinced by her story, the CEO approved the loan.
The con escalated a month later. Ndiwa approached the CEO again, this time claiming to represent the late Raila Odinga’s family, asserting they had secured a Sh17 million government tender to supply mosquito nets to the Kenya Medical Supplies Authority (KEMSA).
She insisted the funds were urgently needed to release the nets from Mombasa port.
Olabayo approved the loan, after which Ndiwa reportedly switched off her phone, leaving the bank unable to contact her.
Subsequent police investigations revealed that the KEMSA tender was entirely fraudulent. Ndiwa had presented fake documents, and the funds were not used for public health purposes.
Instead, she allegedly used part of the money to purchase a brand-new Range Rover, cementing the audacity of her scheme.
She was later arrested and charged with seven criminal offences, including forgery and obtaining money by false pretences. Ndiwa was granted bail, and her case remains ongoing, serving as a cautionary tale in Kenya’s banking and legal circles.
Looking back, the GTB heist highlighted the vulnerabilities that even established financial institutions face when dealing with sophisticated fraudsters.
Ndiwa’s case continues to be referenced in discussions on banking security, trust, and the methods used by con artists to exploit both credibility and urgency.