UGANDA: Eight Individuals Charged with Financial Fraud Scandal Worth UGX 65 Billion
Criminal Investigations Department and Equity Bank Bring eight Suspects to Justice
In a significant step towards combating financial fraud in Uganda, the Criminal Investigations Department (CID) at Kampala Metropolitan, partnering with Equity Bank, have charged eight individuals in connection to a financial fraud scheme estimated to be worth UGX 65 billion.
Suspects Charged with False Pretenses, Money Laundering, and Conspiracy
The eight suspects include:
- Musiime Julius
- Nabisubi Erina
- Tumuhimbise Cresent
- Ssemwogerere Fred
- Asiimwe Wycliff
- Mugumya Robert
- Kato Fred
- Mukwaya Ronald
These individuals have been charged with:
- Obtaining money by False Pretences
- Money Laundering
- Conspiracy to defraud Equity Bank
Alleged Unlawful Activities: Diversion and Disbursement of Unsecured Loans
A significant part of the alleged fraudulent activities involved the unlawful diversion and disbursement of funds from the bank in the form of unsecured loans given to unqualified individuals. These loans were issued to fictitious companies created by the accused to defraud the bank. Some of the recipients were even related to the suspects.
Methods of Withdrawing Funds: Direct and Indirect
The accused are accused of using several methods to withdraw the money, either directly by bank staff or indirectly through co-conspirators, proxies, or conduits.
Ongoing Forensic Investigations
Fred Enanga, Police Spokesperson, explained, “These individuals went to great lengths to siphon funds from the bank to enrich themselves, demonstrating a blatant disregard for the institution and its clients.”
According to Enanga, the forensic investigations into this case are ongoing to examine the full extent of the fraud. Several other suspects are also being traced, including some who have resigned from the bank since the fraud was exposed.
The Former Managing Director Under Investigation
The former Managing Director, Onyango Kenneth, was questioned and is still under investigation in connection to the case.
Holding Those Responsible Accountable
The CID, Equity Bank, and their partners remain steadfast in their resolve to hold those responsible for such financial fraud accountable. The investigation serves as a reminder of the commitment to curb bank fraud, which plays a crucial role in providing essential banking services to Ugandans.