Five top officials from the Kenya Union of Savings & Credit Cooperatives Ltd (KUSCCO), who were charged over an alleged Sh 82,826,000 fraud linked to a land acquisition scheme, have been released on bail/bond terms.
Milimani Principal Magistrate Dolphina Alego released George Magutu Mwangi, George Otieno Ototo, and Jackline P. Atieno on a bond of Sh 10 million or an alternative cash bail of Sh 3 million.
However, George Ochola Ochola was released on a bond of Sh 7 million or an alternative cash bail of Sh 3 million, while Mercy Muthoni Njeru was granted a bond of Sh 7 million or a cash bail of Sh 2.5 million.
The court also ordered the accused to deposit their travel documents in court and only collect them in case of a travel emergency.
The five are facing multiple charges, including conspiracy to defraud, stealing by directors, making false documents, and money laundering.
According to the prosecution, between October 2020 and April 2022, the accused conspired to divert Sh 82,826,000—intended for the purchase of Land LR 23269/35 in Nairobi—into accounts held at KCB Bank and M Oriental Bank under the name Jackline P. A. Omolo & Advocates, in an attempt to disguise the true origin of the funds.
The court heard that the accused knowingly engaged in fraudulent transactions, including creating and uttering false sale agreements to facilitate the illegal movement of funds. These forged agreements, presented as legitimate, were allegedly used to mislead financial institutions into processing the transactions.
The accused, who held key positions within KUSCCO, are also charged with embezzling funds entrusted to them by virtue of their employment, leaving KUSCCO and its members at risk of severe financial losses.
The prosecution further alleges that Omolo knowingly presented forged land sale agreements to KCB Bank, University Way Branch, and M Oriental Bank, Koinange Street, falsely claiming they were genuine.
