Deputy President Rigathi Gachagua has opened up on how a police Corporal fixed him in a Sh12.4 billion case over lack of understanding of how the banking system works.
Speaking on Tuesday, Gachagua said it was at the time when the previous administration was trying to blackmail him over his strong support for William Ruto.
To do this, he said they decided to look into his life and discovered a trail of money that was getting in and out of his personal account four times a year.
The DP said under the advice of accountants, he had been told to have the amount, which was his life earnings and savings of about Sh200 million, in a fixed deposit.
He said that they further advised that with such an amount, he would live off interests from the microfinance.
"I put it, negotiated for 13% interest and every month I was getting Sh1.9 million, money I did not actually need. It was too much," Gachagua narrated.
The Deputy President said he would then put the money into a Core deposit for three months and it would return with interest and he would reinvest it into the Core account, but remain with the interest.
However, when the investigator discovered the back-and-forth movement of money, he concluded that Gachagua received up to Sh800 million shillings every year.
He went on to calculate the amount with the number of years the DP had operated the account and concluded that he had accrued Sh12.4 billion but could not explain the source of the money.
Gachagua said his efforts to try and explain how the account operated fell on deaf ears because the officer who was not a professional accountant or banker could not understand the process.
"This money is in my personal account. I put it on a Core deposit for three months. So, every three months it leaves my personal account to a suspense account, stays there and at the end of three months, it is returned with interest. I remain with the interest and reinvest it back. So that back and forth movement four times a year, a Corporal in the Police said I have Sh800 million every year coming to the account.
"They calculated for eight years and said it was Sh12.4 billion and put a case. I tried to explain to him but he couldn't understand. If they had an accountant or banker we wouldn't have gotten there," he said.
Gachagua who was responding to remarks at the annual seminar of the Institute of Certified Public Accountants of Kenya (ICPAK) on the accountants and procurement officers being targets of investigative agencies said it was time they started hiring professionals to help with complex cases.
He called on the leadership of the Ethics and Anti-Corruption Commission (EACC) and the Directorate of Criminal Investigations (DCI) to hire professionals if they want to put an end to graft.
He said most of the police officers tasked with investigating graft cases lack understanding of complex matters because they are not professionals.
"It is true and it is very sad and I want to reiterate more to EACC and DCI, please hire professionals to be your investigators. Hire accountants and procurement people to advice you on how investigations are ongoing.
"Some of these policemen have no idea about accounting and he is being asked to interrogate you and write statements on things that he cannot comprehend," Gachagua said.
