Why I Permanently Quit Banking In Kenya: Too Much Hustle....

Business
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[SIZE=7]Doctor sues bank over missing Sh5.7m in a fixed deposit account[/SIZE]

Friday, May 27, 2022

An Eldoret doctor has sued Equatorial Commercial Bank over Sh5.7 million that he allegedly deposited in a fixed account but which does not reflect in its records.

Dr Prabhudhas Vasanji Lodhia, 80, also claims the bank denied him interest accrued on the deposit.

The Eldoret Hospital director said he and the bank had agreed in 2011 that the money would attract an interest of eight percent.

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An Eldoret doctor has sued Equatorial Commercial Bank over Sh5.7 million that he allegedly deposited in a fixed account but which does not reflect in its records

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[SIZE=6]Deposit not reflected[/SIZE]
He said he was surprised when bank managers told him that his account did not reflect the deposits.
Through his lawyer Alfred Nyairo, Dr Lodhia told the court that he deposited the money on various dates between March and June 2011.
“On March 24, 2011, I deposited a sum of Sh3,224,924 and on June 25, 2011 Sh2,5000 in the same account. Both amounts were deposited for a period of six months in a fixed deposit account … with each accruing interest of 8 percent per annum from the respective dates of deposit,” Dr Lodhia told the court.
He was given receipts for the deposits bearing the numbers 008803 and 008850, respectively.
The court heard that in December 2011, he visited the bank’s Zion Mall branch to cash out but he was not paid.

[SIZE=6]Bank sent police officers[/SIZE]
When he persisted in demanding the money, the bank sent police officers to his office at Eldoret Hospital in 2012. They asked him to record statements on his allegations.
He said the bank had been promising him all these years to be patient as the matter was being addressed, prompting him to seek justice in court.
The bank denies Dr Lodhia’s allegations, saying there are no records to confirm that he deposited the money there.
Lydia Aduke, a lawyer representing the bank, told the court on Thursday that the deposits did not reflect in the complainant’s account.

Cross-examining the plaintiff, Ms Aduke told the court that the money did not reflect in the bank cash register for the cited dates.
“Our bank register does not reflect the said transactions on the client’s account as he alleged. The bank cash register does not indicate if he banked the said money in our bank on the respective dates,” he said.

[SIZE=6]Bank sued its manager [/SIZE]
The bank has sued the manager who was on duty when the claimed transactions were made.
The manager was sued for stealing by a servant in 2014 and the money involved in the case was the same amount that Dr Lodhia claims to have deposited at the bank.
Eldoret Chief Magistrate Dennis Mikoyan adjourned the hearing until July 13.

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Noma sana sisi watu ya mattress account shida kubwa ni moto.

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Theft by servant. Figsed.

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The larger more established banks like Standard Chartered, KCB, Absa, Equity and Cooperative Bank are safer.

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You really think so after all we have read here?.. :smiley:

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Yes, relatively safer though nothing’s 100% safe

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Equity & safety/honesty are parallel.

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If you are going to gamble with millions at least let it be with established well-known reputable banks. This guy was probably promised with returns above the market level and he fell for it.

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Huwa naenda bank kila Friday ku confirm kama pesa yangu iko safe.

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:D:D:D:D:D mhindi alienda akapea manager 5 million na kupewa reciept , as if alikuwa ananunua nyanya . hii ndio ubaya ya kastamas hujichocha hawatambui mwananchi ati ana deal na mdosi :D:D:D.

shida ya Fixed account its easy ku dupe kastama since its not an account you go to the ATM and check the balance and yes unapewa a certificate .

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Mimi bank huweka pesa wakati am paying online. Sasa i want to start to hold gold. CBK ni kama ponzi scheme. Kazi ni kukopa ile siku watakosa watu wa kununua bonds. Thats how kenya economy will crumble. We keep on borrowing to pay maturing loans. In future kuna shida.

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Alikosa kitu ya kufanya na hiyo pesa. Wacha awekewe vizuri

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Hiyo pesa aisahau ti

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The main criminal element about our banks is that they prioritize recovery of the stolen money from the clients/depositors and not from the employees unless caught. Had a friend who had opened a salary account with Ekwette after a recent employment, her first salo came less 5K from what was on the payslip, on enquiry akaambiwa she had taken a loan which didn’t make sense since the account was less than 2 months old band she didn’t have a credit historym on further enquiry, it turned out that the credit manager at that branch had stolen money then hidden the transactions as loans by various accounts. The bad thing was the manager was fired Chini ya maji but the bank didn’t bother terminating the checkoffs as they were targeting recovery of the stolen money

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I’ve heard bad stories about equity and there was a post here some years back from someone who seemed to understand banking technology setup that mentioned that equity has a poor security setup.

Personally I’ve decided to stay away from equity from all I’ve hear about them.

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Equity ni wezi.