Suspected Equity Bank Officials appearing before the court.

Bank fraud: Five Equity Bank officials remanded over sh62bn  

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The Anti-Corruption Court in Kampala has remanded five employees of Equity Bank on charges of conspiring to defraud the bank of sh62bn.

They are Julius Musiimenta, the Head Agency Banking, Erina Nabisubi the Relationship Manager Telecoms, Fred Semwogerere a Banker, Crescent Tumuhimbise Tibarwesereka, a Relationship Officer and Wyclif Asiimwe a Distribution and Marketing Consultant.

These have appeared before the Court presided over by Acting Senior Principal Grade One Magistrate Abert Asiimwe who read to them five counts including money laundering, obtaining credit by false pretense and conspiracy to defraud.

The Court heard that the accused persons between the year 2021 and 2024 in different places in Kampala and Wakiso districts conspired together to defraud Equity Bank of sh62bn by fraudulently causing the disbursement of unsecured loans to unqualified people.

According to part of the breakdown adduced before the Court between 2021 and 2024 at Equity Bank Church House in Kampala City being employed as the Relationship Manager Telecom, Nabisubi incurred a debt of sh6.55bn from the Bank falsely pretending that the loans were being applied for by Gladys Najjemba whom she fronted as having fulfilled the bank requirements for accessing the loans whereas not.

It is also alleged that Nabisubi intentionally impeded the establishment of the true ownership of sh6.5bn which she fraudulently obtained from the Bank through Account Number 1032100370335 in the name of Najjemba purporting it was applied for as a loan yet it was a proceed of crime.

The Prosecution further accuses Nabisubi of having incurred a debt of sh300m and fronted a one Latiffa Nagawa as the person who had fulfilled the requirements to secure that loan which was not true.

On the other hand, Julius Musiime is accused of having intentionally concealed the true ownership of sh18m which he allegedly received as a gratification from Stella Mutuuza for having processed a loan of sh700m by requiring her to deposit the said gratification on the account number belonging to Gilbert Rwaheru Kiiza, well knowing those deposits were proceeds of crime.

The Court advised them not to say anything in relation to the accusations levied against them on grounds that it doesn’t have jurisdiction to try it.

As such they were informed that they will plead to the charges in the High Court and apply for bail there if they so wish.

The Prosecution led by State Attorney Raymond Mugisa informed the Court that investigations into this matter are still ongoing.

The lawyers for the accused persons led Solomon Webaare Araali have asked the Court to direct the Prosecution to avail them all the necessary documents for purposes of seeking bail in the High Court and to enable them prepare for the trial.

But Prosecution said they have no problem with disclosing to them the available documents at their convenience since inquiries are still ongoing.

Magistrate Asiimwe has however ordered the Prosecution to be ready to address his court on the progress of investigation saying that if they still need more time to finalize them, it was unfair to arrest the accused persons on such serious offenses.  He has now remanded them to Luzira Prison up to April 12th 2024.

*Source – URN*

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