19 Officials Charged in Sh14bn Sacco Scandal Over Alleged Decade-Long Fraud

NAIROBI,Kenya,June 4-Nineteen individuals have been arraigned in connection with a suspected Sh14 billion fraud scheme involving a major Savings and Kenya breaking news | Kenya news today |..

✨ Key Highlights

Nineteen officials have been charged in connection with an alleged Sh14 billion fraud at a major Savings and Credit Cooperative (Sacco) in Kenya, highlighting ongoing governance issues in the sector.

The alleged fraud involved fictitious loans totaling over Sh13.48 billion between 2012 and 2021.
Suspects include former and current Sacco officials, with the investigation triggered by the Sacco Societies Regulatory Authority.
A second scheme allegedly involved a shadow investment cooperative that channeled Sh750.7 million into questionable transactions.

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