Uhuru orders the formation of a special unit to track down Sacco fraudsters

 

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President Uhuru Kenyatta has today directed for the formation of a special Sacco Societies Fraud Investigation Unit that will track down cartels who are conning most Kenyans in different Sacco societies.

Uhuru ordered the Ministry of Industry, Trade and Co-operatives to fast-track the formulation of the National Co-operative Policy and immediately operationalize the special unit which will solve the plight of many Kenyans in sacco and cooperatives.

“I direct the Ministry of Industry, Trade and Co-operatives to fast-track the formulation of the National Co-operative Policy and immediately operationalize the proposed Sacco Societies Fraud Investigation Unit within the Sacco Societies Regulatory Authority,” Uhuru stated.

This is a relief to most Kenyans who have been conned through saccos. The recent case involved controversial televangelist David Kariuki Ngare, popularly known as Gakuyo. Gakuyo is the overseer of Calvary Chosen Centre Church in Thika, a politician and a businessman.

Kiambu residents raised fraud complaints against Gakuyo Real Estate, Ekeza Sacco and Gakuyo Investment Club. Most of the members walked to DCI Head Quarters to record statements.

Gakuyo was accused of siphoning more than Sh1 billion belonging to 78,000 members, mostly peasants, of the troubled Ekeza Savings and Credit Cooperative Society.

To enhance the contribution of Saccos in the economic growth of the country, the President said the Government will increase policy interventions to fix identified loopholes in the sector.

Uhuru said the cooperative sector is one of the key partners in the achievement of Big Four Agenda programmes covering Affordable Housing; Universal Healthcare for all; Food and nutrition security for all Kenyans and job creation and economic growth through Manufacturing.

He applauded Kenya’s cooperative movement for the invaluable role it has played in the country’s progress.

Kenya’s cooperative movement is ranked the best in Africa and seventh best globally with an asset base of more than Shs 1 trillion,” Uhuru stated.

 

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