Sources told the Daily Monitor late Thursday that Mr Onyango was taken into custody on orders from the Directorate of Public Prosecutions (DPP).

“He is being investigated in line with that case [fraud]. It’s true he is in police custody. DPP will guide on the next course of action,” a source told Monitor.

Images of a handcuffed Onyango, who reportedly resigned from the bank last month, were shared on various social media platforms Thursday evening.

Equity is reported to have accepted his resignation with “immediate effect”, subject to the outcomes of investigations, which by then were underway.