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‘Shylock’ arrested in Buruburu with more than 300 ATM cards – PHOTOS

A man was over the weekend arrested with more than 300 ATM cards in Buruburu.

Confirming the arrest to Nairobi News, Buruburu DCIO Jeremiah Ikiao said the suspect was in their custody for only few hours, before handing him over to the Anti-Banking Fraud Unit.

“Yes I can confirm that a man was arrested and he was brought to our station but we had to hand him over to the Anti-Banking Fraud Unit who are holding him,” said Mr Ikiao.

Sources close to the investigation said the suspect is an agent of a local bank and doubles up as a shylock.

According to the source, the suspect collects the ATM cards as security for the loans he gives out to his clients.

PHOTO | NAIROBI NEWS
PHOTO | NAIROBI NEWS

When one goes to borrow a loan, the agreement is that you leave your ATM card and your PIN number with the shylock, so that when you get your salary is debited to your account, the shylock goes to withdraw the amount you owe him.

According to our source, who did not want to be named, the suspect has been set up by one of his customers.

“They hand him the ATM cards and pin numbers in order to get a quick loan. The man has not been arraigned in court as the police are still trying to reach the owners of the cards as investigations are ongoing.