By Frank Kamuntu
An extensive investigation into a major fraud case linked to Equity Bank has led to the apprehension of eight suspects accused of defrauding the bank of billions of money.
The suspects were taken into custody by the Kampala Metropolitan Police’s Criminal Investigation Department (CID) in collaboration with Equity Bank’s anti-fraud team. The investigation uncovered intricate details of a scheme that resulted in the diversion and laundering of significant funds.
According to Police Spokesperson Fred Enanga, the eight accused individuals face charges related to obtaining money by false pretenses, money laundering, and conspiracy to defraud Equity Bank.
The arrested individuals have been identified as Musiime Julius, Nabisubbi Erina, Tumuhimbise Crescent, Semwogerere Fred, Asiimwe Wycliffe, Mukumya Robert, Kato Fred, and Mukwaya Ronald. The investigation revealed a consistent pattern where funds were diverted to personal accounts, accounts of relatives, and even fictitious entities, resulting in substantial losses for the bank.
Enanga emphasized the impact of this fraud on Equity Bank, noting that several senior executives, including Managing Director Onyango Kenneth, resigned due to the ongoing forensic audits and investigations.
“We are continuing our investigations, including examining the role of former Managing Director Onyango Kenneth, who remains a subject of scrutiny pending guidance from the Office of the Director of Public Prosecutions,” stated Enanga.
The CID, in collaboration with the Kampala Metropolitan Police, Equity Bank, and other partners, is committed to holding accountable those involved in sophisticated bank frauds and money laundering schemes. As the forensic audit progresses, it is anticipated that the total amount defrauded from the bank will increase, revealing additional billions that were siphoned off.