The Criminal Investigations Directorate (CID) of the Police on Tuesday, February 4th, arrested seven officials from the Ministry of Finance and the Bank of Uganda, along with the Accountant General, as part of ongoing investigations into the disappearance of $16 million (approximately Shs60 billion) from the Central Bank of Uganda’s coffers.
Sources within law enforcement informed our reporter that the suspects, whose identities were not disclosed by press time, have had their cases transferred to Nateete Police Station Police for further processing and interrogation.
There is no official statement has been released by the CID or the Ministry of Finance, insiders confirmed that the investigation is focused on suspected fraudulent transfers and the mismanagement of funds intended for key national financial programs.
We have also learned that forensic audits are underway to trace the missing funds, with authorities currently examining records of recent transactions and internal approval processes at the Central Bank and the Ministry of Finance.
A high-ranking CID official, speaking on condition of anonymity, emphasized that further arrests could follow as investigators scrutinize multiple layers of financial operations and documentation.
The arrest of senior financial officials has raised widespread concern, with financial analysts warning about the potential impact on the country’s economic stability. Civil society organizations have called for transparency in the investigation and swift measures to restore public trust in Uganda’s financial institutions.
As the investigation continues, the public is awaiting a formal statement from the relevant authorities to clarify the circumstances surrounding the missing funds and outline steps to prevent future occurrences.
