Former Equity Bank ED also Arrested Over 62B Fraud

Kenneth Onyango, a former executive director at Equity Bank overseeing commercial banking, was recently arrested for his alleged involvement in a fraud amounting to sh62 billion at the bank. Onyango was apprehended in Kampala on April 11, 2024, following the arrest of five other Equity Bank employees.

These individuals, including head of agency banking Julius Musiime, relationship manager Erina Nabisubi, banker Fred Ssemwogerere, Crescent Tumuhimbise Tibarwesereka, and distribution and marketing consultant Wycliff Asiimwe, were charged with conspiracy to defraud the bank.

The charges stem from accusations that Musiime, Nabisubi, Ssemwogerere, Tibarwesereka, and Asiimwe conspired to defraud Equity Bank of sh62 billion between 2021 and 2024 in various locations in Kampala city and Wakiso district. They are also accused of fraudulently disbursing unsecured loans to unqualified individuals.

Nabisubi faces additional charges related to obtaining credit by false pretenses, including incurring a debt of sh300 million by falsely claiming loans were applied for by someone else, and concealing the ownership of sh6.5 billion that she fraudulently obtained from the bank.

The accused individuals have sought bail from the High Court, with their application pending ruling. If convicted, they could face severe penalties, including up to 15 years in jail or a fine not exceeding sh2 billion for money laundering, and up to five years in jail for conspiracy to defraud. The sentence for obtaining credit by false pretenses is at the discretion of the court, as outlined in the Penal Code Act.

Comment On Story

Abusive or Prohibited content won't be published.

Previous Post Next Post