Allegations of Money Laundering and Conspiracy
The Criminal Investigation Department (CID) at Kampala Metropolitan, in collaboration with Equity Bank, has taken legal action against eight individuals accused of defrauding the bank. The charges leveled against them include obtaining money by False Pretences, Money Laundering, and Conspiracy to defraud Equity Bank, involving a total sum of Ugx 65 billion. Among the accused are Musiime Julius, Nabisubi Erina, Tumuhimbise Cresent, Ssemwogerere Fred, Asiimwe Wycliff, Mugumya Robert, Kato Fred, and Mukwaya Ronald.
The charges stem from fraudulent activities related to the diversion and disbursement of funds from the bank, particularly through the issuance of unsecured loans to unqualified individuals. It has been alleged that some of these loans were disbursed to relatives of the accused, who collaborated in creating fictitious companies to facilitate the fraudulent transactions. The funds obtained through these means were then accessed either directly by bank staff or indirectly through co-conspirators, proxies, or conduits.
The accused individuals are believed to have orchestrated a calculated scheme to siphon funds from Equity Bank for personal enrichment. Forensic investigations are currently underway to assess the extent of the fraud and to identify any additional suspects involved in the illicit activities. Efforts are also being made to locate individuals who resigned from their positions following the detection of the fraud, including the former Managing Director, Onyango Kenneth, who remains under investigation.
The CID at Kampala Metropolitan Police, along with Equity Bank and other stakeholders, is fully committed to holding accountable those responsible for perpetrating complex bank frauds and money laundering schemes. This case underscores the dedication of law enforcement agencies to combat fraud within the banking sector, which plays a crucial role in providing essential financial services to the people of Uganda.
SCP Enanga Fred, the Police Spokesperson, emphasizes that the investigation will continue rigorously to ensure that all individuals involved in the fraudulent activities are brought to justice. The collaboration between law enforcement agencies and financial institutions like Equity Bank is essential in safeguarding the integrity of the banking system and protecting the interests of customers and stakeholders alike.
