Police officers from Capitol Hill police station are currently questioning ten (10) account department staff at the Kenya Union of Savings and Credit Co-operatives Ltd (Kuscco) following formal complaints lodged on behalf of Kuscco by their legal representative.
The questioning/ investigations will lead to arrest of several Kuscco employees found guilty.
The employees arrested will face charges related to theft, destruction of documents, concealment of documents linked to loss of billions in deposits, breaches of the Data Protection Act, and other offenses as investigations continue. These are part of the ongoing efforts by the current Kuscco board and Management to recover lost funds.
Lawyer Cecil Miller, acting on behalf of Kuscco board, had submitted a formal protest letter to the DCI alleging that some Kuscco employees linked to the former management were destroying and tampering with documents in an effort to conceal the massive financial misappropriation.
“The arrests and ongoing investigation signal intensified efforts by the new management and board to recover the lost billions and ensure accountability for those responsible,” said Miller.
The investigation was triggered by a forensic audit report conducted by PricewaterhouseCoopers (PwC), which revealed former managers made Kuscco insolvent to the tune of Sh12.5 billion, with total losses reaching Sh13.3 billion, placing the savings of 247 Saccos and their members at significant risk.Meanwhile The Kenya Union of Savings and Credit Co-operatives Limited (Kuscco) has disclosed that key financial documents relating to transactions worth KSh 5.318 billion are missing and may have been allegedlyremoved by former management.
According to a statement from Kuscco’s legal representatives Miller and Company advocates, efforts to retrieve proof of payment and payment vouchers initially requested in January 2025 — have been unsuccessful.
The union claims that the original records were either destroyed or taken before the management transition.
Kuscco has asked investigators to engage several banks — including Co-operative Bank, Aosa Bank, Gulf African Bank, NCBA, Consolidated Bank, Sidian Bank, Family Bank, Kenya Commercial Bank, and National Bank which may hold copies of the missing records.
The union says it remains committed to cooperating fully with authorities to ensure the matter is resolved.
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