Exposed

Journalist Blast Co-Operative Bank Over Fraudulent Loan Deductions

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Former Bureau Station Chief with one of the leading media houses in Kenya Mr Vitalis Wambia has taken on the giant Cooperative Bank of Kenya over fraudulent loan recoveries on his account. He now fears the same is being executed on some unsuspecting account holders. The bank account in question is No. 01626013710803 at the Cooperative Bank of Kenya Kisumu branch, the scribe has never had a history of loan defaulting.

According to detailed documents in our possession, the former scribe had paid up and cleared a loan of Ksh. 25,500 that he had acquired from the bank in 2019. The bank, through questionable and very fraudulent means, turned around claiming that he had not paid a single cent, official documents from the bank show otherwise. Despite endless efforts to prove that he was innocent and that the bank made an error, the bank went ahead to report him to the dreaded Credit Reference Bureau, Metropolitan. The bureau started harassing him with constant intimidating threats pushing him that he should immediately clear a non-existent loan with the Cooperative Bank.  

The bank issued instructions to Metropolitan to the effect that if he failed to pay up then they would take drastic actions against him to forcefully recover ‘their’ money. The alleged un-repaid loan is accumulating interest by the day.  The victim has now been forced to write a letter to the Kenya Anti-Banking Fraud Unit pleading with the detectives to immediately launch investigations against the bank and its management over the scam, through which tens of thousands of unsuspecting account holders could be losing huge amounts of their hard-earned monies, while unscrupulous individuals in the bank smile earn un-taxed profits.

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The former scribe through his lawyers Manwari and Company Advocates of Busia County has threatened to take legal action against Co-operative Bank of Kenya

According to the documents in our possession and an interview with the subject and his lawyers, the matter was brought to the attention of the bank’s Chief Executive Officer Mr Gideon Muriuki who took no action. The former scribe, through his lawyers Manwari and Company Advocates of Busia County has threatened to take legal action against the bank. 

The legal action will lead to the demand of tens of millions of shillings for aggravated damages, defamation, criminal libel against senior individuals in the bank, and costs of the suit among others even if takes years, he is determined to reach the Supreme Court if that is what it would take to achieve justice against an institution which has allegedly established the notoriety of compromising some members of the judicial system to pander to their whims at the expense of the poor account holders.

This development is likely to open floodgates of complainants from account holders who have been fraudulently swindled off hundreds of millions of shillings over the years in alleged concocted un-paid or cleared loan schemes when they were duly cleared and certified by the bank itself.


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