Five Equity Bank Charged and Remanded for Fraud

Five employees of Equity Bank -Uganda have been sent on remand at Luzira prison for allegedly conspiring to defraud their employer of 62 billion shillings by causing the disbursement of unsecured loans to disqualified clients. 

The suspects include;  Musiime Julius; the Head of Agency Banking and a resident of Namugongo in Kira Division and  Erina Nabisubi; the relationship manager in Equity Bank also a resident of Katale village in Makindye division.

Others charged are;  Ssemwogerere Fred; a banker and  Tumuhimbise Crescent; a relationship officer and a distribution and marketing consultant Wycliff Asiimwe.

They were arraigned before Anti-corruption court grade one Magistrate Ebert Asimwe and charged with obtaining credit by pretense and money laundering.

Evidence shows that the group committed the said offenses between 202l and 2024 at Equity Bank Headquarters at  Church House in Kampala and Wakiso district but was only arrested last week. It's alleged that the group forms part of a racket that is responsible for debiting/ removing/ stealing money from customer's accounts without their consent.

 The prosecution states that during the period in contention, the suspects obtained credit from the Bank by fronting different people to have fulfilled all the requirements of the Bank for securing loans whereas not.

That the suspects aided and concealed the true ownership of the money which they obtained well knowing that the same was a proceed of a crime.

The suspects have however been advised by Magistrate Abert Asiimwe not to plead to the grave money laundering charges only tried by the High Court.

They have been informed that they will plead and apply for bail before a High Court judge.

 The accused have been remanded to prison until the 12th/of April after state prosecutor Raymond Mugisa informed the court that inquiries into the matter are still ongoing.