Detectives from the Directorate of Criminal Investigations (DCI) have arrested a former Sacco accountant over an alleged fraudulent scheme that led to the loss of more than Sh16 million.
The suspect, Amos Fikiri Ruwa, was apprehended by officers from the Banking Fraud Investigation Unit (BFIU) for allegedly masterminding the elaborate scheme in collaboration with external accomplices.
How the Sh16 Million Sacco Fraud Was Executed
According to investigators, Ruwa is suspected of authorising cheque transactions using Sacco members’ accounts without their knowledge.
The fraudulent dealings initially resulted in a loss of Sh6,852,166. Further investigations uncovered additional suspicious transactions amounting to Sh9,161,000, bringing the total loss to Sh16,013,166.
Detectives established that Ruwa allegedly conspired with Mohamed Abdulrahman, a businessman and director of a construction company. Authorities claim Abdulrahman’s cheques were used to siphon funds from the Sacco.
58 Fraudulent Cheques and Forged Withdrawal Slips
Investigations revealed that a total of 58 cheques were fraudulently issued, cleared, and deposited into accounts belonging to Abdulrahman and other unsuspecting members.
Forensic analysis further linked Ruwa to forged withdrawal slips, which investigators say enabled him to divert part of the funds.
Detectives also noted that the cheques in question were never recorded in the Sacco’s official cheque ledger, indicating a deliberate attempt to conceal the fraudulent transactions.
Arrests and Court Proceedings
Abdulrahman was arrested on January 17, 2026, and later arraigned in court.
Ruwa was arrested on February 14, 2026, and remains in custody pending his court appearance. Authorities say investigations are ongoing as they seek to recover the stolen funds and determine whether additional suspects were involved.
The case highlights growing concerns over financial fraud within cooperative societies and the need for stricter internal controls to safeguard members’ savings.
