The prosecution had alleged that Mr Mwiti tricked 12 members of the Sacco to part with Sh13 million under the guise that the savings would earn an interest rate of 16 per cent per month.
“It cannot be said without doubt that he induced, the allegation cannot be ascertained,” Ms Nderitu said.
She said the Sacco was a legal entity with a list of officials which did not include Mr Mwiti. “Nowhere does his name appear as an official, a member or a shareholder,” she said, adding that the prosecution should have called the officials as witnesses.
She said the investigators did not make efforts to track the Sacco officials “who would have perhaps alleged that the accused was acting behind cover.”
She said this meant the evidence of crucial witnesses had not been secured.
Moreover, the magistrate said, the complainants never saw Mr Mwiti at the Sacco offices during their numerous visits.
“In the event, the court cannot convict him on heresy and forthrightly acquits him of all 12 counts unless proven otherwise,” the magistrate said.
The offence of cheating is a misdemeanour under section 315 of the penal code punishable by three years in jail.
Mr Mwiti had told the court his role had been “purely that of external consultant” and he had not participated in the day to day affairs of the Sacco.
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