Seven current and former directors of Invesco Assurance Company Limited and Compliant Insurance Agency were today arraigned at the Milimani Chief Magistrate’s Court over a KSh 309 million insurance fraud scheme.
The accused include former senior executives Albert Karakacha Muhavani, Daniel Wekesa Nyalyanya, and Michael Ng’ang’a Kibara, along with Compliant Insurance Agency directors Ruth Wangari Mwasalu, Antony Githinji Ngerere, Hildah Wambui Karanja, and Lameck Gisore Ongere.
The charges stem from investigations by the DCI’s Insurance Fraud Investigation Unit, which began in September 2024 following a report by the Insurance Regulatory Authority and the Policyholders Compensation Fund (PCF). The probe revealed the use of a secret bank account registered under Compliant Insurance Agency to siphon premium payments from 27 branches nationwide.
Between May and August 2024, the suspects allegedly diverted over KSh 309 million through personal M-Pesa accounts.
They face charges of Insurance Fraud under the Insurance Act, while four of the accused face additional counts of Stealing by Directors under the Penal Code. All seven were arrested on 20th May 2025 and held at Capitol Hill Police Station before their court appearance.
