A Savings and Credit Cooperative Organisation (SACCO) is at the centre of a fraud investigation involving multiple suspects accused of exploiting its digital systems to siphon off members’ funds in a Ksh22.4 million scheme.

🇰🇪 Breaking It Down

Detectives from the Directorate of Criminal Investigations (DCI) have arrested three individuals in Imenti North, Meru County, in connection with the alleged fraud.

According to a statement released on Thursday, June 11, investigations revealed that the suspects manipulated the SACCO’s digital platforms to divert members’ savings.

“Detectives from Imenti North have arrested three individuals implicated in a fraud scheme that siphoned off more than Sh22.4 million from a savings and credit cooperative society (SACCO),” the DCI wrote.

📌 What You Need to Know

The directorate added, “The investigation uncovered a complex fraud network, where the criminals wielded technology as their weapon, manipulating the SACCO’s computerised financial systems to enrich themselves at the expense of hardworking members.”

According to investigators, the SACCO’s ICT Assistant Officer was the mastermind behind the operation that has defrauded members who have been investing in the organisation.

Police further established that accounts linked to three other individuals and a company were used to receive and withdraw the stolen funds.

The first suspect was taken into custody on June 4 following early investigations into the suspected fraud network.

On Wednesday, June 10, detectives conducted a coordinated operation leading to the arrest of the ICT Assistant Officer and two other individuals in connection with the scheme.

During the operation, officers recovered mobile phones and a company laptop, which have been taken in for forensic analysis to establish the full extent of the alleged fraud and identify any additional suspects involved in the scheme.

📰 Source: Kenyans.co.ke