Nairobi — A member of Mhasibu Sacco Society, Andrew Okoth Onanda was on Monday charged with fraudulently obtaining Sh4.8 million in credit from the society.
Appearing before Milimani Magistrate Gilbert Shikwe, Okoth was accused of obtaining the money between June 30 and July 7, 2023, by falsely presenting a Cooperative Bank cheque to offset a previous loan.
He is said to have used his membership to incur a liability of Sh4,893,000, misrepresenting the transaction.
Additionally, Okoth faces charges of money laundering for allegedly obtaining Sh1,821,700 from the Sacco between June 30 and July 10, 2023, through his mobile phone number. He is accused of transferring the proceeds to other accounts, aiding in the concealment of the illicit funds.
Further charges include illegally obtaining Sh922,930 from the Sacco, which he allegedly transferred, making it difficult to trace the source of the funds.
The fraudulent activities led to a loss of over Sh4 million, which was discovered through an investigation by the Sacco's fraud unit.
Okoth denied the charges and requested lenient bond terms. The court granted him a bond of Sh2million, with an alternative cash bail of Sh800,000. The case will be mentioned in two weeks.
