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Sacco Manager Arrested For Embezzling Funds

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Sacco Manager Arrested For Embezzling Funds

Police in Kayonza district his holding two suspects in connection with defrauding Rwf55.3 million worth of savings from a Sacco.

A court bailiff and the manager of Murundi savings and credit cooperative in Kayonza District have been detained after a tip off.

“The arrest followed an audit conducted by the National Bank of Rwanda and Rwanda Cooperative Agency (RCA) between March 5 and May 14, this year which shows that about Rwf55.3 million were not accounted for,” said Police spokesperson for the Eastern Province, Chief Inspector of Police (CIP) Theobald Kanamugire.

“The court bailiff is alleged to have embezzled a total of Rwf4, 128, 535, according to the report. He had been hired to recover the Sacco monies from bad loans, instead of remitting it he instead swindled it,” CIP Kanamugire said.

“The Sacco branch manager, on the other hand, couldn’t account for a total of Rwf51, 133, 160 of the members’ money,” he added.

“The Rwanda Investigation Bureaus’ findings will inform us if there are other people involved so that they are also arrested to face justice,” he said.

Embezzlement, under article 325, attracts an imprisonment of between seven and ten years and a fine of two to five times the value of the embezzled or destroyed property.

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