KUSCCO Scandal: Sh13.3bn Missing as Top Officials Face Criminal Charges

In a shocking revelation that has rocked Kenya's cooperative sector, the Kenya Union of Savings and Credit Co-operatives (KUSCCO) is at the center of a Sh13.3 billion scandal. Several top officials now face criminal charges in what could be the largest financial scandal in the country's SACCO industry.

The investigation has led to multiple arrests, with four officials currently in custody as investigations continue. Former KUSCCO CEO George Ototo, who was initially wanted by authorities, has surrendered to face the allegations of financial misconduct.

The scandal's impact extends beyond KUSCCO itself, with numerous SACCOs across the country bracing for potential losses. Police have taken over the investigation, signaling the severity of the case and its implications for Kenya's cooperative movement.

Key developments in the case include:

• Five individuals charged with stealing Sh83 million have been released on Sh14.5 million bail
• The former CEO is seeking Sh210 million in retirement benefits despite the ongoing fraud investigation
• Authorities are pursuing asset seizure as part of their recovery efforts

The case has raised serious concerns about oversight in the SACCO sector and the need for stricter financial controls. As investigations continue, thousands of SACCO members across Kenya anxiously await answers about the security of their investments.