MPs have adopted a report that recommends the investigation and prosecution of three individuals that misappropriated over Sh180 million at Youth Enterprise Development Fund.
DCI Director Ndegwa Muhoro and EACC now have two months to report the action taken against , CEO Catherine and businessman Mukuria Ngamau to parliament.
This is after the National Assembly's Public Investments Committee (PIC) tabled a report revealing how Sh180 million was stolen from the Youth Enterprise Development Fund (YEDF) was used.
The team listed that the monies were allegedly used to purchase luxury homes, pay debts as well as line the pockets of powerful individuals, law firms and companies.
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Ngamau is accused of using his company Quorandum Limited’s Chase Bank account to receive money from the youth fund.
The probe also revealed that he made several transactions with third parties, including the purchase of a duplex apartment in Nairobi’s Lavington estate.
The property was bought from Duchess Park Limited at a cost of Sh48.5 million.
Ngamau is said to have transferred Sh59,082,835 that was part of the proceeds of fraudulent youth fund transactions to Quorandum’s account at Chase Bank
from where the funds were moved to Quorandum’s account at Standard Chartered Bank, Yaya Centre Branch.
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PIC says Quorandum Limited separately received Sh115 million and Sh65 million from the youth fund as payments for purported consultancy services to develop an Information, Communication and Technology (ICT) Strategic Plan and Enterprise Resource Planning (ERP) System.
The money was then used to make payments to third parties, including settlement of a Sh18 million debt owed to Great Lakes Limited.
The payment was made through Nairobi law firm Ngigi Mbugua & Company Advocates, revealing the involvement of professionals in facilitating the illicit transactions.