IMARISHA SHINANIGANS SINKING!! MONEY LAUNDERING SCHEME- IMAARISHA SACCO
In the year 2014, One Director was voted out and the remaining Board of Directors of Imarisha Sacco Ltd paid him a gratuity of Kshs.3 million as a retirement package.
Members complained because there is no clause to support that payment in Imarisha Sacco Ltd by-laws.The board plus former CEO, therefore schemed a plan to transfer Sacco funds early enough to an outside account so that in case one of them is voted out or retires they will withdraw these funds and pay themselves as retirement packages without any query from members. On 10th and 25th February 2016, this board transferred total of sh.14,800,000/= to CIC Ltd as money market fund.
When former CEO retired officially on 31st August 2017, eleven days after, this amount plus interest totaling sh.16,920,043.57/= was withdrawn as personal money as seen in CIC money market statement. Surprisingly, this statement bears personal cell phone number of former CEO as highlighted indicating that this cannot be Sacco document.
On 7th September 2017 Ksh.21,500,000 was transferred also and journalized as Insurance premiums and on 29th November 2017, Ksh.5,000,000 transferred again as Insurance premiums. Huge money transferred to CIC Ltd towards end of year raises questions because Insurance premiums are always paid at start of the year against Invoice from CIC Ltd.
As seen on the below balance sheet extract for the year 2017, Loan Insurance( Insurance premium) increased by sh.26,455,748.55/= i.e from sh.44,214,729/= to sh.70,670,477.55/= which raises big concern. Which amount of additional loans that were insured in 2017 which made loan insurance(cost of insuring loan) to increase highly by Ksh.26,455,748.55/=? The board has no answer to justify this. This could be the highest money laundering scheme ever and the Sacco should be urgently saved _Below are documents to support my claim._