Collapsed Good Life Sacco Monies Were Laundered Via Equity Bank Group

Good Life Sacco Obadiah Maina. FILE PHOTO | NMG An employee of the collapsed Good Life Sacco said to have conned traders out of millions of shillings was on Thursday charged in an Eldoret court with more than 40 counts of conspiracy to defraud its members.

This comes four years after the once-popular micro-finance institution founded by Obadiah Maina went under.

Rachael Wangui Wachira was also charged with another count of operating a financial business without a valid licence.

Ms Wachira and Mr Maina are accused of stealing over Sh1 billion in deposits from hundreds of members across the country.

In asking for tougher sanctions against the suspects, the prosecution said the managers have been on the run after defrauding hundreds of Sacco members of their savings. CAPTION: Equity Bank CEO James Mwangi at a past event A follow up by the editor of this site has confirmed that the Equity Bank aided all this fraud that robbed off innocent Kenyans their money.

There are many instances where Equity bank allowed mass cash withdrawals by directors of Fedha and Goodlife Sacco in 2015 and previous years that led to their collapse resulting in the public losing billions.

Thousands of Kenyans are suffering and directors still enjoying.

In the next series, this site will share the accounts and details of the Equity Bank Of Kenya officials that aided all this fraud.