How Mohamed Mustaf Adan Pulled Off the Sh 4M Bank Theft (Allegedly)

Mohamed Mustaf Adan appeared before Magistrate Robinson Ondieki, where he pleaded not guilty to the charges against him. He is accused of participating, alongside others not present in court, in the theft of Sh 4,199,445.85, the property of DIB Bank, on various dates between August 20 and August 22, 2024, at an undisclosed location within the country.

Additionally, he faces a second charge related to the acquisition of proceeds from criminal activity, as it is alleged that on August 20, 2024, he knowingly obtained Sh 824,388.03, aware that the funds were derived from illegal activities.

Furthermore, he is charged with an alternative count of possession of the proceeds of crime, as stipulated in Section 4(a) in conjunction with Section 16 of the Proceeds of Crime and Anti-Money Laundering Act of 2009.

This charge asserts that on the same date, he received the aforementioned sum while being cognizant or having reasonable grounds to believe that it constituted proceeds of crime.

Lastly, he faces a charge of money laundering, accused of engaging in an arrangement on August 22, 2024, to transfer Sh 247,000 from an account held at DIB Bank in the name of Allan Akuno Ochieng’ to KCB Bank, fully aware that these funds were also proceeds of crime. Following the proceedings, he was granted bail set at Sh 2 million.