Matatu boss charged in Sh309 million insurance scam
Karakacha was charged alongside Compliant Insurance Agency and seven others.
Matatu Owners Association chairman Albert Karakacha is among eight individuals facing charges over the alleged misappropriation of Sh309 million from Invesco Assurance Company.
The group appeared before Milimani Principal Magistrate Paul Mutai, where they pleaded not guilty to three counts brought against them.
Karakacha was charged alongside Compliant Insurance Agency and seven others: Daniel Wekesa Nalyanya, Michael Ng’ang’a Kibara, Ruth Waangari Mwasalu, Antony Githinji Ngerere, Hilda Wambui Karanja, and Lameck Gisore Ongere.
According to the charge sheet, between April 26 and August 13, 2024, the accused allegedly conspired with individuals not before the court to defraud Invesco Assurance Company of Sh309,207,570.
The funds were reportedly funneled into Compliant Insurance Agency’s account under the guise of premium payments.
The case is set for mention on June 12.
