How SACCO Accountant Siphoned Ksh16 Million from Members’ Accounts

As part of the scheme, a total of 58 cheques were reportedly issued, cleared, and deposited without trace...

✨ Key Highlights

The DCI has arrested an accountant suspected of orchestrating an Ksh 16 million fraud at a SACCO. This arrest follows an earlier apprehension of a businessman linked to the scheme.

Total fraudulent transactions amounted to Ksh 16,013,166.
The suspect, a former accountant, allegedly authorized 58 fraudulent cheque payments from members' accounts in collusion with external accomplices.
The arrest comes amidst increased scrutiny of SACCO governance, with a fresh inquiry ordered into the Kenya Union of Savings and Credit Cooperatives (KUSCCO).

Continue Reading

Read the complete article from Kenyans

📰 Read Full Article

Related News

Accountant linked to Ksh.16 million Sacco fraud arrested

New

41m ago

Accountant linked to Ksh.16 million Sacco fraud arrested

An accountant, Amos Fikiri Ruwa, has been arrested in connection with a Ksh.16 million fraud scheme at a Sacco. He is accused of masterminding fraudulent cheque transactions using members' accounts.

Citizen Digital

📰 Read Full Story

Video

KRA Can Deduct Money From Your Bank Account — Here’s How

The Star (Youtube)

1w ago

4d ago

Nairobi HSBC SVNS2 gets a Ksh 10 million boost from Safaricom M-PESA

The upcoming Nairobi HSBC SVNS2 rugby tournament has received a significant boost with Safaricom M-PESA committing Ksh 10 million in sponsorship. This support will cover technology and communication needs for the event.

KBC Sports