Eight Charged in Ugx 65bn Equity Bank Fraud Scandal

Eight Charged in Ugx 65bn Equity Bank Fraud Scandal

The Criminal Investigation Department (CID) at Kampala Metropolitan, in collaboration with Equity Bank, has brought charges against eight individuals accused of orchestrating a sophisticated bank fraud scheme amounting to Ugx 65 billion.

The charges include obtaining money by False Pretenses, Money Laundering, and Conspiracy to defraud Equity Bank.

The accused persons identified as Musiime Julius, Nabisubi Erina, Tumuhimbise Cresent, Ssemwogerere Fred, Asiimwe Wycliff, Mugumya Robert, Kato Fred, and Mukwaya Ronald allegedly exploited their positions to divert and disburse funds from the bank through fraudulent means.

This involved extending unsecured loans to unqualified individuals, including relatives, using fictitious companies as conduits.

The fraudulent activities, which saw funds being siphoned off for personal gains, depict a brazen attempt to defraud the bank and deceive its stakeholders.

Forensic investigations are underway to determine the full extent of the fraud, with efforts to trace additional suspects, including former employees who resigned following the detection of the scheme.

Former Managing Director, Onyango Kenneth, remains a subject of investigation, having been interrogated in connection with the fraud.

SCP Enanga Fred, Police Spokesperson, emphasized the determination to combat fraud affecting banks, which play a crucial role in providing essential banking services to Ugandans.