Summary:
- Five individuals, including four Equity Bank employees, are remanded over money laundering and fraudulent loans totaling Shs 62 billion. Investigations are ongoing, as customers express concerns over vanished deposits, highlighting internal fraud issues within the bank.
Five individuals, comprising four Equity Bank employees and another official, have been remanded to Luzira prison on charges of money laundering and distributing Shs 62 billion in unsecured and deceitful loans to unqualified recipients.
Presented before the Anti-Corruption Magistrates Court in Kampala City on Wednesday, the accused include Julius Musiime, head of Agency Banking, Erina Nabisubi, a telecom relationship manager, Fred Semwogerere, a banker, Tumuhimbise Crescent Tibarwesereka, a relationship officer, and Wycliff Asiimwe, a distribution and marketing consultant affiliated with a microfinance entity.
According to the prosecution, between 2021 and 2024, Nabisubi fraudulently accrued debts totaling Shs 6.55 billion and Shs 300 million from Equity Bank under the guise of applications made by Najjemba Gladys and Nagawa Latiffa, respectively.
Musiime is accused of concealing ownership of Shs 18 million received as a bribe from Mutuuza Stella to facilitate a fraudulent loan of Shs 700 million from Equity Bank.
It is alleged that in 2024, the suspects conspired to defraud Equity Bank of Shs 62 billion by disbursing unsecured loans to unqualified individuals.
State Attorney Raymond Mugisa noted that investigations are ongoing and requested an extension to conclude inquiries, a suggestion supported by Magistrate Abert Asiimwe, who urged expedited investigations to advance the case.
The magistrates’ court must address the case within three months, with the state expected to update the court on investigation progress.
Equity Bank Uganda faces scrutiny following reports of vanished customer deposits. Farook Ssekandi, a customer, criticized the bank for its failure to assist in recovering Shs 10 million lost due to possible internal fraud, highlighting broader concerns within the institution.
