We have previously exposed fraudulent dealings by Sacco management that have caused discomfort in the once trusted sector.
Massive looting is the order of the day as management engage in lying about development projects or take up projects that are nit viable or outright-stealing, Waiguru-carting-money-bags-style.
Saccos were once great, but a dark clud hangs over them these days.
Over Kshs 1 trillion is at stake and in this extraordinary times, where corruption is the only business that thrives, cartels have invaded Saccos with the help of board, management and regulatory authority.
The Sacco Societies Regulatory Authority (SASRA) led by John Mwaka together with the former commissioner for cooperatives Mary Mungai are deeply involved in the Sacco Scams.
The new commissioner for cooperatives, Mr. Didacus Ityeng, has not even done anything different from Mary Mungai. The looting continues.
Below see the story of insider loan dealings amounting to over Kshs, 1.89 million by this small Sacco.
Vision Point Sacco society Limited; is a corporate which was registered under the co-operative societies act on 30th April 2004 registration number CS/5459 and licensed by SASRA NO. SS/0021/12.
Hello Nyakundi,
Kindly find attached documents which was given clean bill of health by the addressed agencies who were compromised to conceal the information about Vision Point Sacco.
We make our request for you to publish the same on behalf of the interest of the members and the public to be warry of this Sacco which is technically insolvent.
Also attached please find Local purchase orders as a proof of non-payment of tax hence no element of VAT taken care of on this LPOs.
Thanks in advance for further information feeding we are ready.
Cnyakundi.com Says
From the documents we’ve been sent, the Sacco managers engage in fraudulent lending to relatives who dont even have shares in the Sacco.
One document, a Ms. Excel file shows loans amounting to Kshs. 1.8 million advanced to relatives of the management, most of who have already defaulted.
The Sacco which is based in Kisii, at the Nyansiongo/Kijauri Market at Borabu Farmers Union building, seems to have played with the minds of poor farmers from the region.
This one might go down.
For now, we shall hide the identity of the RELATHIEVES who have been colluding with management to steal money from Vision Point Sacco.
However, please find attached some other documents:
Expose on fraud
LPOs
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The post Looting: Vision Point Sacco Fraudulent Loan Schemes Exposed appeared first on Cyprian Is Nyakundi.