Embu residents lose Ksh.400,000 to dodgy Sacco


Embu residents lose Ksh.400,000 to dodgy Sacco

In Summary

  • Chamber Unity Sacco advertises itself as a mutual aid fund under which members regularly contribute money.
  • The Sacco allegedly assured Embu residents of investment returns of up to 30 percent per month but this was not to be.
  • Ms. Jane Karimi said she deposited Ksh.250,000 after she was recruited by an official who claimed to from the Kenya National Chamber of Commerce and Industry (KNCCI).

Residents of Embu County are up in arms after losing Ksh.400,000 to a savings and credit company (Sacco) they had invested in.

Chamber Unity Sacco that advertises itself as a mutual aid fund under which members regularly contribute money, allegedly assured them of investment returns of up to 30 percent per month but this was not to be.

Ms. Jane Karimi said she deposited Ksh.250,000 with the Sacco after she was recruited by an official who claimed to from the Kenya National Chamber of Commerce and Industry (KNCCI) in Embu.

She noted that for the last three years, she has tried to recover the money but to no avail as KNCCI distanced itself from the Sacco.

Another Embu resident, Frederick Munene, said he deposited Ksh.150,000 to secure a loan three times the amount and even surrendered his logbook but was shocked to discover that he had been conned.

KNCCI said the Sacco is not affiliated with it.

“In no event will KNCCI be liable for any loss or damage, indirect or consequential or any loss or damage whatsoever arising out of, or in connection with the Sacco,” the statement read in part.

The residents are now seeking intervention from the Embu County governor to help them recover their money.

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Story By Anthony Ndwiga
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