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Defunct Goodlife Sacco CEO Obadiah Maina Face Fraud Charges

Eldoret Chief Magistrate Charles Obulutsa has ordered defunct Goodlife Sacco director Obadiah Maina to be detained at the Eldoret GK Prison after his bond of Sh1 million was withdrawn for absconding court on several occasions.

Obadia Maina is accused of stealing over Sh1 billion in deposits by hundreds of members across the country. Both cases will be mentioned on September 17.

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The wife of the founder was also charged in an Eldoret court with more than 40 counts of conspiracy to defraud.

Rachael Wangui Wachira, a director of the defunct Good Life Savings and Cooperative Society, was also charged with operating a financial business without a valid license.

Mr. Maina was initially arrested by Directorate of Criminal Investigation in 2015 and was later released on an Sh1 million bond.

The case has dragged on for years due to adjournments and failure by the accused to appear in court.

Co-operatives Mary Mungai canceled the Sacco license and invited former members to file claims with the appointed liquidators, Johnson Njoroge, and Gerald Mwai.

Before its collapse, the savings society had attracted over Sh1 billion in deposits from members drawn from major towns like Eldoret, Nairobi, Thika, Nyeri, Nakuru, and Nyahururu.

 

About Edwin Ochieng

Edwin Ochieng is living true to the calling of Journalism, He is passionate about issues of Business and Politics. Edwin Ochieng is a graduate from St Paul University and East African School of Media Studies (EASMS).

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