Equity Bank is on the spotlight over a complex financial fraud pointing at possible swindling of sh.1 billion at the collapsed Good Life Sacco.
The financial institution could be targeted for investigations following suspicions that it aided the heist that left many Kenyans suffering as few crooks literally laugh all the way to the bank.
Good Life Sacco founder
Instances have been reported in a section of the media where Equity bank intentionally allowed mass withdrawals by directors of Fedha and Goodlife Sacco in 2015 and previous years, a move that berthed their collapse resulting in the public losing billions of shillings.
The bank is said to be under the radar of detectives working on positive leads that has also stemmed the arrest of an employee of Good Life Sacco who was charged in an Eldoret court with more than 40 counts of conspiracy to defraud members.
Rachael Wangui Wachira was finally charged, four years after the once-popular micro-finance institution founded by Obadiah Maina mysteriously went under.
