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Teachers lose KES 15 billion to Sacco fraud as investigations stall

Teresiah Ngio by Teresiah Ngio
September 14, 2024
in News
Reading Time: 1 min read

Teachers in Kenya have lost a staggering KES 15 billion in a massive fraud scheme orchestrated by rogue officials at Metropolitan National Sacco. Despite nearly three years of investigation, no substantial action has been taken against the suspects, leaving thousands of victims without justice.

The fraudulent activities plunged the Sacco into financial turmoil, leading to massive withdrawals and a sharp decline in membership from over 100,000 to a mere 10,000.

An audit conducted by the State Department for Co-operatives and the Sacco Societies and Regulatory Authority (Sasra) unveiled the extent of the corruption, revealing that senior officials engaged in conflict of interest, manipulated financial records, and covered up fraudulent withdrawals under the guise of phony investments.

The scam was further compounded by the fact that the Sacco officials duped investors with fake dividends, using bank loans to mask the institution’s dire financial state.

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After the scandal came to light, a directive was issued by Commissioner for Co-operative Development, David Obonyo, on April 22, 2022, to investigate the board members and senior managers involved.

However, the probe by the Directorate of Criminal Investigations (DCI) has made little progress, with many of the implicated individuals walking free.

“It is a major concern that nearly three years after the scandal, the DCI has only been summoning suspects to record statements without any progression to prosecutions,” said Mr. Obonyo.

Despite the severity of the crime, the DCI has not conducted thorough interrogations or sought court permission to freeze the assets of those involved.

The frustration over the lack of accountability is palpable. “Of course, it is a big concern when you hear that nearly three years after what happened at Metropolitan Sacco, it is only summons for those who are said to have looted the Sacco,” Obonyo added, emphasizing the urgency of moving forward with legal action.

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