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Corporate Fraud

Exposing Mhasibu Sacco, the accountants-only affair

Mhasibu Sacco

Mhasibu Sacco, a financial entity whose membership is strictly those in the accounting profession, seems to be struggling.

Information reaching shows that the Sacco is now engaging in dubious ways to raise money after the management massively looted it.

The Sacco which has now become a pittance, a shell of its former self, has embarked on exploitative ways to stay afloat.

“In my case I have invested some Fixed Deposit amounts with them. One matured on 14.03.2022 they credited the Fixed Deposit interest in the share capital account(see attachment) dated 17.03.2022, the Fixed Deposit Certificate dated 17.03.2022 actually had the name of Bandari FOSA down there which I find ridiculous. I don’t know who Bandari FOSA is and I don’t belong to Bandari FOSA which I guess is Bandari Sacco. Another Fixed Deposit matured on 18.03.2022 but despite my several reminders for them to credit the said amount at the right date they just ignored it with impunity and arrogance. Ile attitude ya uta do we will not do it,” a client wrote.

He added,” The challenge is when they do it later they use the current date instead of the date when the principal matured, that way they deny me the opportunity to earn interest for the days from the previous maturity date.”

The above client now wants to know what is going on. He i

Seasoned scammers

This is not the first time Mhasibu Sacco is being accused of underhand tactics.

Reports reaching the chief editor of this site shows that, the Sacco which is headquartered on the 8th floor of the Barclays Plaza, disregarded the presidential and financial regulators directive to lower interest rates at the height of the Covid-19 pandemic.

Instead of maintaining the rate they had before Covid-19 struck, Mhasibu greedily went ahead to raise it by 5% for all its existing clients.

”The Sacco is taking advantage of their members as a disguise of supporting them during this corona period. The members are in uproar but the Sacco management has refused to listen to them, “said a customer who was dissatisfied with the 5% increase on his loan.

Mhasibu Sacco operates in the lucrative scammer-infested housing sector.

Screenshot showing a page from Mhasibu indicating changes in loan
Screenshot showing a page from Mhasibu indicating changes in loan

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