Five Equity Bank Employees Conspired And Robed Shs62bn Charged With Money Laundering

The Anti Corruption Court in Kampala has remanded five employees of Equity Bank on charges of conspiring to defraud the bank of 62 billion shillings.

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 has 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 62 billion shillings  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 6.55 billion shillings 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 6.5 billion shillings which she fraudulently obtained from the Bank through Account Number 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 300 million shillings 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 18 million shillings which he allegedly received as a gratification from Stella Mutuuza for having processed a loan of 700 million shillings 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 has advised them not to say anything about the accusations levied against them on grounds that it doesn’t have jurisdiction to try it.

As such they have been 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 has informed the Court that investigations into this matter are still ongoing.

The lawyers for the accused persons led Solomon Webale 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 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 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.