An accountant has been arrested for allegedly masterminding a fraud scheme that caused a savings and credit cooperative (sacco) to lose more than Sh16 million.
Detectives from the Directorate of Criminal Investigations’ Banking Fraud Investigation Unit (BFIU) arrested Amos Fikiri Ruwa, a former accountant at the sacco, following detailed investigations.
Police say Ruwa authorised cheque transactions using members’ accounts and worked with external accomplices to carry out the fraud.
Investigations show the sacco initially lost Sh6,852,166, followed by additional fraudulent transactions amounting to Sh9,161,000, bringing the total loss to Sh16,013,166.
Detectives established that Ruwa allegedly conspired with businessman Mohamed Abdulrahman, a director of a construction company, whose fraudulent cheques were cashed. The money was diverted into accounts belonging to Abdulrahman and other unsuspecting sacco members.
A total of 58 cheques were fraudulently issued, cleared and deposited into the accounts.
Forensic analysis linked forged withdrawal slips to Ruwa, enabling him to withdraw portions of the funds. Investigators also established that the cheques were never recorded in the cheque ledger, suggesting deliberate concealment of the fraud.
Mohamed Abdulrahman was arrested on January 17, 2026 and presented in court.
Ruwa was arrested on February 14, 2026 and remains in custody pending arraignment.
“The Directorate of Criminal Investigations (DCI), through its Banking Fraud Investigation Unit, remains resolute in its commitment to combating fraud within financial institutions through comprehensive intelligence-led investigations to ensure that all individuals involved in such deceptive acts are held fully accountable for their actions,” DCI said.
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