Uganda police working with the Equity Bank’s anti-fraud team have so far charged the Managing Director Onyango Kennedy and eight of the bank’s staff to court for defrauding the bank over UGX 65 billion.
SCP Enanga Fred, the Police Spokesperson, while addressing the Media on April 15, 2024 said that the eight persons were charged with obtaining money by false pretense, money laundering, and conspiracy to fraud at Equity Bank.
“The Criminal Investigations Department (CID) at Kampala Metropolitan has been working closely with the anti-fraud team at Equity Bank. And in so doing, they have so far charged eight persons to court with obtaining money by false pretense, money laundering, and conspiracy to fraud at Equity Bank,” Enanga said,
He identified the suspects as the eight accused persons as Julius Musiime, Erina Nabisubi, Crescent Tumuhimbise, Fred Ssemwogerere, Wycliff Asiimwe, Mugumya Robert, Kato Fred and Mukwaya Robert.
According to Enanga the suspects fraudulently disbursed funds from the bank in form of unsecured loans to unqualified people, including their relatives and other non-existent persons.
“Some of their relatives created fictitious companies from where they fraudulently dispersed huge amounts of money. They siphoned sums of money from the bank to fund their personal gains,” Enanga added.
Enanga also said that after carrying out several forensic audits and investigations, some of the bank’s bosses including Kennedy Onyango, the former managing Director who had earlier resigned were arrested.
“We interrogated him but he still remains the subject of the investigation. We shall be guided by the Office of the DPP at a later stage,” Enanga said.
Forensic audits have revealed additional billions to the 65 billion mentioned earlier an issue that will be communicated by the Police. More suspects are also lined up for arrest.
On March 21, 2024, five employees of Equity Bank-Uganda were arrested by the State House Anti-Corruption and remanded to Luzira Prison, the three other suspects were arrested at a later stage while the MD was arrested last week.