Explore the astonishing true story of a massive fraud that targeted Fuliza loans, ultimately netting Ksh. 500 Million. This sophisticated operation was orchestrated by a group primarily composed of campus students. Led by Gideon Kip Kurui Rono, a student from Egerton University, the scheme began by leveraging lost or abandoned ID cards collected in Bomet Town. Using Safaricom M-Pesa Moig machines, they registered up to five SIM cards per ID, opted these lines into Fuliza loans, transferred the funds, and quickly disposed of the cards.
The operation scaled significantly with the help of associates like Isaac Kip Kimoy from St Paul's University, Nelson Kamo, and Peter Dahi, an IT expert who provided access to the national registration bureau to create falsified identity cards. Based from their headquarters in Kiamuni estate, Nakuru, they used a network of bank accounts, including Family Bank and Co-op Bank, to manage and clean the massive flow of money.
The stolen funds fueled a "soft life era" for the perpetrators, marked by lavish purchases of motorcycles and luxury vehicles like Subaru Foresters and a Toyota X. However, the unusual volume of transactions and non-payment of loans raised alarms at NCBA Bank, leading to a fraud investigation. The trail eventually led authorities to their HQ and resulted in the arrest of Gideon, Isaac, Peter Dahi, and several others.
This story is presented as a cautionary tale about the misuse of technology, the perils of greed, and how even brilliant potential can be derailed by choosing shortcuts over hard work.
