A senior manager of Equity Bank has allegedly swindled the lender Ksh274 million. Mr David Serwamba Musoke, the operations manager at Equity Bank’s Oasis Mall Garden branch in Uganda, was on Tuesday charged with stealing $1.4 million (Ksh137 million) through money laundering, reports Business Daily.
He is alleged to have committed the offence with eight co-conspirators who were not before court. Mr Musoke is separately facing two other charges of embezzlement, in which he is accused of stealing $700,000 and $750,000 (or a total of Ksh142.1 million) which prosecutors say went into his possession by virtue of his employment.
The manager faces a fourth charge of causing Equity Bank financial loss of $1.4 million (Ksh137.2 million) by authorising payment of the money to false owners without proper verification and due diligence.
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Six businessmen and a driver are listed as co-conspirators in the crime. They are Abubakar Kalungi, Shafik Mubarak, Mathew Keeya, Isaac Serwamba, Joseph Mugisha, Kenneth Matovu and Bernard Lubega.
They are said to have helped Mr Musoke to “convert, conceal and transport” funds on the first charge of money laundering, but have not been cited for the other crimes.
The Anti-Corruption Court in Kampala on Wednesday denied the eight suspects, who have been in police custody for over a month, bail after the presiding judge ruled that they were a flight risk.
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