The Ethics and Anti-Corruption Commission (EACC) has arrested nine suspects in connection with an investigation into the alleged embezzlement of Ksh1.57 billion from a National Treasury programme.

🇰🇪 Breaking It Down

EACC has confirmed to Kenyans.co.ke that the nine suspects are being held at the commission’s Integrity Centre as investigators process the case ahead of their expected arraignment.

The anti-graft agency is also pursuing the recovery of the funds allegedly lost through the scheme.

The arrests come as the anti-graft agency investigates alleged fraud involving the Programme for Rural Outreach of Financial Innovations and Technologies (PROFIT), a financial inclusion programme funded through a loan from the International Fund for Agricultural Development (IFAD).

📌 What You Need to Know

According to the EACC's latest quarterly report, investigators established that more than Ksh1.56 billion was fraudulently deposited into a bank account opened in the name of the programme after its official account had already been closed.

The suspects allegedly used forged National Treasury documents to open the new account, creating the impression that it was a legitimate account belonging to the PROFIT programme.

The investigation established that Ksh784.7 million was subsequently transferred to 23 companies, while another Ksh768.2 million was allegedly withdrawn in cash, raising questions over how the funds were authorised and disbursed.

The EACC said the wider investigations had uncovered suspected corruption and economic crimes involving at least Ksh1.87 billion in public funds across the National Treasury and several county governments.

📰 Source: Kenyans.co.ke