The Sacco Fraud Investigation Unit has hit the road running as it works to fight graft in the co-operative movement.
Already the unit, which operates under Sacco Societies Regulatory Authority (SASRA), has arrested two people for fraud-related charges.
According to Agriculture Cabinet Secretary Peter Munya, the unit has so far finalised an investigation, instigated arrest and prosecution.
The unit was formed in 2019 following a directive from President Uhuru Kenyatta to police the sector as part of the government efforts to fight graft in the country.
Munya said that Ksh 1.3 million embezzled funds had been recovered in one case.
“I am happy to report that the fraud unit has been established and fully operational,” he said
He noted that the unit is staffed by specialised officers seconded from the Directorate of Criminal Investigations and is functionally supported by SASRA technical staff.
Speaking recently during the co-operative leaders’ convention in Mombasa, SASRA Chief Executive Officer John Mwaka said the unit has been strengthened and urged the leaders to be transparent and accountable in their institutions’ operations.
Munya said the unit would deal with fraudulent schemes masquerading as Saccos to freeze Kenyans’ hard-earned money.
He stated that the government had put measures to protect citizens from pyramid-like institutions and urged savers to deal only with licensed and regulated institutions.
