Financial Crime World

Title: eight Accused in Alleged UGX 65bn Equity Bank Fraud Case Appear in Court

Accused Persons

  • Musiime Julius
  • Nabisubi Erina
  • Tumuhimbise Cresent
  • Ssemwogerere Fred
  • Asiimwe Wycliff
  • Mugumya Robert
  • Kato Fred
  • Mukwaya Ronald

Charges

The eight individuals appeared in court following allegations of an intricate financial fraud scheme involving UGX 65 billion at Equity Bank. They are alleged to have:

  1. Conspired with each other to defraud Equity Bank through various fraudulent activities
  2. Obtained money by False Pretenses
  3. Engaged in Money Laundering
  4. Conspired to defraud

Alleged Activities

The money was disbursed as unsecured loans to ineligible individuals, some of whom were:

  • Fictitious companies created in collaboration with bank staff
  • Proxies and conduits

Some recipients were identified as relatives of the accused, allowing them to siphon massive sums straight from the bank. The staff involved picked up the funds directly or had them withdrawn indirectly.

Ongoing Investigations

While the scale of the fraud is still under examination, ongoing forensic investigations aim to determine its full extent. Several other suspects are being traced, including those who have already resigned from the bank.

Joint Collaboration

This case is a joint collaboration between:

  • CID Kampala Metropolitan Police (KMP)
  • Equity Bank
  • Other partners

Statement by Police Spokesperson

Fred Enanga, Police Spokesperson, stated, “We remain committed to holding accountable those who seek to exploit complex schemes to defraud banks and engage in money laundering activities. This case underscores our unrelenting efforts to safeguard the financial sector and ensure stable banking services in Uganda.”

Interrogation of Former MD

The former Managing Director of Equity Bank, Onyango Kenneth, was interrogated and remains of interest in the ongoing investigation.

Public Vigilance

Enanga urged the public to remain vigilant and report any suspicions of fraudulent activities while reassuring that all efforts are being made to address such cases promptly.