Five employees of Equity Bank Uganda were charged yesterday before the Anti-Corruption Court and remanded to Luzira prison for conspiring to defraud their employer (Equity Bank Uganda) of Shs62 billion by causing disbursement of unsecured loans to disqualified clients.
The suspects Musiime Julius, the Head Agency Banking and a resident of Namugongo in Kira Division Erina Nabisubi, the relationship Manager at the bank, Ssemwogerere Fred, a banker, Tumuhimbise Cresent, a relationship officer and a distribution and marketing consultant Wycliff Asiimwe were arraigned before Anti corruption court grade one Magistrate Ebert Asimwe and charged with obtaining credit by false pretences and money laundering.
It is also alleged that the group forms part of a racket that is responsible for debiting money from customer’s accounts without their consent.
In a statement dated March 7, 2024, Equity Bank admitted possibilities of fraud within its services and said they had embarked on investigations regarding the matter.
The portfolio under investigation is approximately Shs65 billion out of a loan book of Shs1.9 trillion and is equivalent to 1.8% of Equity Bank Uganda total assets.
The bank said, it had since embarked on collaborations with some of its staff and customers to assist law enforcement officers in investigations.
State House Anti-Corruption Unit took over the investigations that led to their arrest and arraignment in court.
