Equity Bank has opened investigations into suspected fraud in its stock loan and agent float financing.
Previously, the bank has been on spot after some customers complained about their money being withdrawn from their accounts without their authorisation.
Most of the clients are complaining that after opening an account in equity bank, one is given an account number which is secret number and therefore its very difficult for them to understand how money is removed from their private accounts because their pins are only known by them.
It is said that most of the people deposit money on their accounts and on the time for withdrawal, they find nothing on their accounts or some of them receive messages that tell them to have withdrawn a certain a mount of money from their accounts, yet they have not made any transaction.
Equity bank is said to have been charging high interests from the clients and get their security property sold even before the loan period is done.
TV 10 had an opportunity to meet some of the affected equity bank clients who is said to have got all their property sold before the loan period was done and even when she had cleared all the loan.
Equity Bank admitted possibilities of fraud within its services and said they have embarked on investigations regarding the matter.
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