How Equity Bank CEO Mwangi, wife sought to bar DCI probe into the alleged Sh1billion land fraud
In 2022, Equity Bank CEO James Mwangi and his wife Jane Mundia were faced with imminent arrest prompting him to rushed to court to not only bar their arrest by police but also to block a two-and-a-half years long probe by the Director of Criminal Investigations (DCI) into the authenticity of his ownership documents.
However, besides the couple laying claim on the land, Mount Pleasant Limited director Anverali Amershi Karmali also claimed ownership of the same multi-billion property.
Mwangi obtained the temporary orders issued by High Court Judge Hedwig Ong’undi on July 21, 2022 in the judge chambers.
Documents seen by us show that, through an affidavit drawn and filed by Rapando & Odunga Advocates, the Mwangi says he bought the parcels of land from the late former president Daniel Toroitich Arap Moi on December 19, 2012 through his alleged advocate Nchogu, Omwanza & Nyasimi Advocates at a cost of Sh320.6million.
Mwangi says he made payments in three tranches, including a deposit of Sh32million in February 2013 and the balance of Sh288.5 million in March 2013 to ABC Bank. He also made a Sh12.8million stamp duty payment.
At the time, Mwangi accused the then DCI Director George Kinoti of bias for what he termed as secretly reopening investigations into the ownership of prime land arguing the police had cleared him in January 2020 after confirming that his ownership documents were genuine and that he was free to develop the property ‘without interference from any quarter’.
However, then, the couple did not present themselves for record statement taking.
Instead, Mwangi claimed the investigators failed to record statements on how he purchased the property from the late President Moi on December 19, 2012.
On the other hand, court documents before land court show that Karmali said he bought the three-acre parcel from former Finance minister Arthur Magugu and his wife, Margaret Wairimu, at Sh130 million on July 21, 2006.
In 2020, Karmali moved to court seeking to evict the CEO from the land, terming him a trespasser.
Karmali said his company, Mount Pleasant Limited purchased the land from Magugu, who had allegedly acquired the property from Moi.
The trader alleged that the records at the land registry were altered, making it difficult to trace successive owners of the contested parcel.
But Mwangi said Magugu’s ownership documents are not genuine because the land initially belonged to Moi.
