Four Equity Bank employees detained for alleged involvement in Shs62b fraud
Five individuals, including four employees of Equity Bank Uganda, were placed under remand at Luzira prison on charges of money laundering related to the distribution of unsecured loans totaling Shs 62 billion to individuals who were deemed unqualified.
The Anti Corruption Magistrate’s court heard the arraignment of the five suspects yesterday, where they were charged with money laundering, conspiracy to defraud, and false pretense credit acquisition.
They include Wycliff Assiimwe, a distribution and marketing consultant with a microfinance company, Mr. Fred Semwogerere (banker), Ms. Erina Nabisubi, a relationship manager, Mr. Julius Musiine, the head of agency banking at Equity Bank, and Mr. Crescent Tumuhimbise Toibarwesereka, a relationship officer.
The suspects made their plea appearance before Grade One Magistrate Abert Assimwe.
The magistrate, however, stated that because the charge sheet included a capital offense that could only be tried by the High Court, the court lacked jurisdiction to hear the pleas.
“You are advised not to plead to these charges in the High Court, which has the jurisdiction to hear the case of money laundering,” he said.
The prosecution states that between 2021 and 2024, Ms Nabisubi, a relationship manager in charge of telecom at Equity Bank in Kampala City, incurred up a debt of Shs 6.55 billion from the financial institution by deceiving them into believing that Gladys Najjemba, the person applying for the loan, had met all the requirements, when in fact she had not.
The state further claims that Ms. Nabisubi incurred a debt of Shs 300 million from Equity Bank falsely representing that the loan was being applied for by Latiffa Nagawa whom she fronted as having fulfilled the bank requirement for accessing it whereas not.
It is purpoted that between 2021 and 2024 at Equity Bank headquqrters situated at Church house in Kampala, Ms Nabisubi intentionally impeded the establishment of the true ownership of the shs 6.5billion, purpoting that the said funds were applied for by Ms Najjemba as a loan, not knowing that the said funds were a proceed of crime.
The state additionally claims that Mr. Musiime willfully concealed the true ownership of shs 18 million, which he obtained as payment from Stella Mutuuza for deceitfully approving a loan of shs 700 million from Equity Bank. He did this by making her deposit the money into an account number 101310211316 in Gilbert Rwaiheru Kiiza’s name, even though he knew that the deposits were a pretext for illegal activity.
