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Kericho Based Imarisha Sacco Going Down Due To Money Laundering And Fraud


In the year *2014*, One Director was voted out and the remaining Board of Directors of Imarisha Sacco Ltd paid him a gratuity of *Kshs.3 million* as a retirement package.


*Members complained because there is no clause to support that payment in Imarisha Sacco Ltd by-laws*.The board plus former CEO, therefore schemed a plan to transfer Sacco funds early enough to an *outside account* so that in case one of them is voted out or retires they will withdraw these funds and pay themselves as retirement packages without any query from members. *On 10th and 25th February 2016, this board transferred total of sh.14,800,000/= to CIC Ltd as money market fund*.


When former CEO retired officially on 31st August 2017, *eleven days after, this amount plus interest totaling sh.16,920,043.57/= was withdrawn as personal* *money as seen in CIC money market statement.* Surprisingly, this statement bears *personal cell phone number of former CEO as highlighted indicating that this cannot be Sacco document.*


On 7th September 2017 *Ksh.21,500,000* was transferred also and journalized as Insurance premiums and on 29th November 2017, *Ksh.5,000,000* transferred again as Insurance premiums. Huge money transferred to CIC Ltd towards end of year raises questions because Insurance premiums are *always paid at start of the year against Invoice from CIC Ltd.*

As seen on the below balance sheet extract for the year 2017, Loan Insurance( Insurance premium) *increased by sh.26,455,748.55/*= i.e from sh.44,214,729/= to sh.70,670,477.55/= which raises big concern. Which amount of additional loans that were insured in 2017 which made loan insurance(cost of insuring loan) to increase highly by *Ksh.26,455,748.55/=?* ? *The board has no answer to justify this.* This could be the highest money laundering scheme ever and the Sacco should be urgently saved _Below are documents to support my claim._


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