Authorities have arrested multiple suspects in connection with a massive financial scandal at the Kenya Union of Savings and Credit Cooperatives (KUSCCO). The arrests come after investigations uncovered the theft of billions of shillings, marking one of the largest fraud cases in Kenya’s cooperative sector.
According to law enforcement sources, the suspects include senior officials and employees accused of orchestrating a complex scheme to siphon funds over several years. The fraud reportedly involved fraudulent loan approvals, manipulation of financial records, and unauthorized transactions that went undetected until a recent audit exposed the irregularities.
The Directorate of Criminal Investigations (DCI) and other agencies have been working to trace the stolen money, with efforts underway to recover the funds. Authorities have also warned that more arrests could follow as the investigation continues.
KUSCCO, which plays a crucial role in supporting Savings and Credit Cooperative Societies (SACCOS) across the country, has reassured its members that corrective measures are being taken to prevent further losses. The scandal has raised concerns about financial oversight within the cooperative sector, prompting calls for stricter regulations to safeguard members’ savings.
As the case unfolds, Kenyans await further details on how such a large-scale fraud occurred and whether justice will be served.
By Nairobi