Suspect in Sh1b Sacco fraud case released on Sh3m bond
The wife of founder of a collapsed Sacco said to have defrauded several traders their life-long savings amounting to over Sh1 billion has been freed on a Sh3 million bond with one surety.
Rachael Wachira was charged in an Eldoret court alongside her husband Obadai Maina of Good Life Savings and Cooperative Society with more than 40 counts of conspiracy to defraud.
Chief Magistrate ordered for the release of Wachira after she spend three months in Eldoret GK women remand prison.
This was after the state counsel said they were not opposed to her release on bond as she was not a fly risk.
Wachira, who is a director of the defunct Sacco, was also pleaded not guilty to other counts of operating a financial business without a valid license.
The court heard that the accused committed the alleged offences between 2013 and 2015 in Eldoret town, Uasin Gishu County.
According to the Prosecution, the accused person together with others not before court with intent to defraud took more than of Sh 26 million from the financially crippled Sacco shareholders.
When she was arraigned in court three month ago, she was directed on pay a bond of Sh7 million with surety of similar amount or an alternative cash bail of Sh 4 million to secure her release.
But her husband will continue to be detained at the remand prison pending trial of his fraud related case after his Sh 1 million bond was withdrawn for absconding court on several occasions.
The case facing the couple will be mentioned on 21st November In August, the former Eldoret Chief Magistrate Charles Obulutsa issued summons for the arrest of Obadia for absconding court since 2016.
Trouble for the Sacco started in September 2015 when Obadia was arrested by directorate of Criminal Investigation officers and locked him up at Eldoret police station for grilling in connection with the alleged embezzlement of the investor’s savings amounting to billions of shillings.
Before the Sacco was placed under liquidation, it had attracted over Sh1 billion from members with branches spread in major town of Eldoret, Nairobi, Thika, Nyeri, Nakuru and Nyahururu.
In 2018 Commissioner of Co-operatives Mary Mungai cancelled the Sacco’s licence and invited former investors to file claims with the appointed liquidators, Johnson Njoroge and Gerald Mwai. ENDS ReplyReply AllForward Delete