Police said the professor, a former chancellor of a public university, withdrew the cash on February 4 at around 2pm from a bank at Warwick Centre in Gigiri. He intended to pay workers at a construction site in Runda.
After leaving the bank, he was accompanied by a site manager. They drove directly to the site, parked about 15 metres away, and walked off to inspect ongoing works.
Detectives from the Directorate of Criminal Investigations (DCI) are probing the incident, with a strong suspicion of an inside job.
Authorities believe the thieves may have trailed the victim from the bank, possibly with information from bank insiders or surveillance of large cash withdrawals a pattern seen in recent similar robberies targeting bank customers in Nairobi.
This case highlights a growing trend of thieves targeting individuals who withdraw substantial amounts of cash from banks, often following them to less secure locations before striking.
Police have linked several such incidents to potential collusion with bank staff or moles who tip off criminals.
No arrests have been made as of the latest updates, and investigations continue to review CCTV footage from the bank, surrounding areas, and the construction site for leads.
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