How five senior staff defrauded Equity bank of Shs 62 billion
The Anti Corruption court in Kampala has remanded five employees of Equity bank on charges of conspiring to defraud the bank of Shs 62 billion.
The suspects include; 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.
They appeared before acting senior principal grade one magistrate Abert Asiimwe who read to them five counts including money laundering, obtaining credit by false pretence and conspiracy to defraud.
The court has heard that the accused persons between 2021 and 2024 in different places in Kampala and Wakiso districts conspired together to defraud Equity of Shs 62 billion by fraudulently causing the disbursement of unsecured loans to unqualified people.
According to part of the evidence 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 Shs 6.55 billion 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 Shs 6.5 billion 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 Shs 300 million 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 Shs 18 million which he allegedly received as a gratification from Stella Mutuuza for having processed a loan of Shs 700 million 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.
Court advised the suspects not to say anything about the accusations levied against them on grounds that it doesn't have jurisdiction to try them. As such they were informed that they will plead to the charges in the High court and apply for bail there if they so wished.
The prosecution led by state attorney Raymond Mugisa informed court that investigations into this matter are still ongoing. Lawyers for the accused persons led by Solomon Webale Araali 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 to prepare for the trial.
But the 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 the investigation, saying that if they still need more time to finalize them, it was unfair to arrest the accused persons on such serious offences. He remanded them to Luzira prison up to April 12
