EACC Chief Executive Officer Abdi Mohamud addresses journalists after visiting the grabbed land at Winam Estate in Milimani, Kisumu. [Rodgers Otiso, Standard]
The Ethics and Anti-Corruption Commission has arrested nine people over alleged Sh1.57 billion fraud involving the Rural Outreach of Financial Innovations and Technologies (PROFIT) Programme at the National Treasury.
The arrests came after investigations into the alleged fraudulent disbursement of Sh1,569,582,338.20 from the National Treasury Development Account to the programme, which was funded by the International Fund for Agricultural Development (IFAD).
EACC Director of Investigations John Lolkoloi said on Tuesday that investigators had established that the money was subsequently channeled to 23 private entities, comprising 15 business names and eight companies, for goods and services that were never supplied.
The PROFIT programme was designed to help small scale farmers access affordable financing and was implemented between the 2013/14 and 2023/24 financial years.
According to the EACC, programme officials allegedly used false and forged documents to account for the funds.
Investigators also uncovered an unauthorized KCB bank account opened in the name of the PROFIT Programme.