By Ezrah Kashumbusha.
KAMPALA, March 21, 2024 | In a case that has gripped the financial sector, five employees of Equity Bank have been remanded to Luzira Prison, facing serious allegations of conspiring to defraud their employer of a staggering UGX 62 billion. The suspects, identified as Julius Musiime, head of Agency Banking; Erina Nabisubi, a relationship manager with a telecom focus; Fred Semwogerere, a banker; Tumuhimbise Crescent Tibarwesereka, a Relationship Officer; and Wyclif Asimwe, a distribution and marketing consultant, were presented before the Anti-Corruption Magistrate Court on Wednesday, March 20, 2024.
The charges laid before them by Magistrate Abert Asimwe include obtaining money by false pretense, conspiracy to defraud, and money laundering. The magistrate informed the accused that the court was not empowered to hear their plea due to the capital nature of the charges, which are exclusively within the jurisdiction of the High Court.
Details emerging from the court proceedings reveal a complex web of deceit involving the disbursement of unsecured loans to customers who did not meet the bank’s lending criteria. Among the allegations, Erina Nabisubi is accused of facilitating loans amounting to UGX 6.55 billion under the pretense that they were for a customer named Najjemba Gladys, who supposedly met all requirements for loan approval.
Additionally, the prosecution alleges that Julius Musiime engaged in concealing the ownership of UGX 18 million, purportedly received as gratification for processing a UGX 700 million loan for a client, by registering it under a different account number, knowing it was proceeds from a crime.
The State Attorney, Raymond Mugisa, informed the court that investigations are ongoing and requested more time to complete inquiries. The Magistrate, in response, emphasized the importance of conducting thorough investigations before bringing suspects to court and urged the state to expedite the process.
The case was thereafter adjourned to April 12, when the suspects will further appear in court for mention of their case.
