Another Fraud Scandal Hits Stanbic Bank, Over 2M US Dollars stolen from co. Account with the help of bank managers.

Apparently, it is alleged that some unscrupulous people hacked into the Bank’s system and started wiring money from Nile company into other people’ bank accounts.

According to police spokesperson, Fred Enanga they have in custody 5 suspects of which the 3 are Stanbic bank Managers. 

How managers connived to steal 2m$ = shs6.6bn from bank customer’s account

Police in Kampala have arrested nine people including two managers for Stanbic bank for conniving with other people to steal shs6.6 billion from one of the bank’s customers.

Kenneth Kazibwe by Kenneth Kazibwe  February 13, 2023 Reading Time: 3 mins read

Police spokesperson, Fred Enanga.

Police in Kampala have arrested nine people including two managers for Stanbic bank for conniving with other people to steal shs6.6 billion from one of the bank’s customers.

The incidents of fraud that happened multiple times between January and February 2023 , on the advice and direction of managers, the funds were withdrawn using forged documents including a Kenyan passport number AK 0849025 and forged account transfer forms , all in the names of  Mohamed Abdul Hakim Hussein , a director and signatory to an account belonging to  Nile Energy.

“The group in conspiracy with selected  Stanbic bank staff both at Garden City and Freedom City branches compromised the account of Nile Energy and effected transactions in Inter Account Transfers and made withdraws using three accounts,” police spokesperson, Fred Enanga said.

He explained that the deal was able to go through after the two bank managers were able to hack into the account of Nile Energy to authorize the account to pay money to three different accounts and in bits.

The money was paid to an account number 9030012835107 in the name of Dixon Kagurusi Ampumuza, 9030021572615 in the name of Petrom Limited and 9030018628871 under the name of Femane Investments Company Limited.

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“At least six withdrawals of  $495000, $287000, $295000, $90,000, $60,000, $295000 and $495000 were made by the suspects purporting to be Mohamed Abdul Hakim Hussein , the director of Nile Energy while using forged documents,”Enanga noted.

Police investigations have indicated that Petron Limited belongs to Oscar Kyabukasa Lutaaya and Hushur Rahman as directors whereas Farmane Investments Company Limited  is owned by Oman Ghebreysus, Fiona Dede Bwende and Elijah Daniel Wanzu as directors at Freedom City and Garden City branches of Stanbic bank.

Detectives have found out that on January, 24, cash amounting to $295000 was deposited to account number 9030018629971 in the name of Famane Investments Company Limited from the Nile Energy account which was swiftly withdrawn against a cheque signed by Oman Ghebreysus and Elijah Wanzu.

“An additional $250,000 was withdrawn on the same day and shs139 million deposited into account number 9030019904244 9 in the name of Fiona Dede Bwende who is also a director of Famane Investments. Another transaction of $782000 was made from Nile Energy to the account of Petrom Limited whose director, Dixon Ampumuza Kagurusi is still on the run. The transfers were made in two installments of $459000 and $287,000 respectively and deposited into account number 9030021572615 of Petrom Limited that was withdrawn immediately.”

Arrest

A thief has 40 days, or so it is said and the same happened to the group when on February, 3, 2023, one Robel Tefera, an Eritrean refugee was intercepted with two inter account transfer forms with  a face value of   988,200 that was to be withdrawn from the Nile Energy Account  and later credited to the account of Dixon Kagurusi Ampumuza.

Armed with a passport in the names of Mohamed Abdul Hakim Hussein, Tefera sought to have the money credited to the account as was previously done but this time round luck was not on the group’s side.

“The bank was prompted to verify with the account holders for Nile Energy who denied any authorisations. The suspect was then arrested and found with $4900 and shs600,000 in his possession,” Enanga said.

It was then that the owner of the bank account was able to know that over shs6.6 billion had fraudulently been siphoned  from his account without his knowledge and authorization.

Interrogation

Upon interrogation, the Eritrean refugee ,  technician revealed that on February, 2, 2023, he was called by one Shivan who instructed him to link up with one Derrick at Garden City for a contract at  a construction site  and after the meeting, he was asked to drop some documents to the bank manager named Moses, to which he obliged and the following day, he was called to report to the bank where he was arrested from.

As a result, the three directors were tracked down and arrested and this admitted to having received stolen cash that they had used to buy gold .

The police spokesperson said nine people including Robert Tefera, Moses Ayesiga, the branch manager for Stanbic Bank Garden City branch, Brian Natukunda, a former employee of the bank, Oman Ghebreyesus, Fiona Dede Bwende, Elijah Wanzu and Davis Ssekitto, the bank manager for Stanbic Freedom City branch have since been arrested.

They face charges related to money laundering,  causing financial loss and uttering of forged documents.

Dixon Kagurusi Ampumuza is said to be on the run but efforts to arrest him are under way. Nile post 

IN OCTOBER 5, 2020

Stanbic Bank was hit by another fraud, a week after being on the spot for allegedly selling a client's mortgaged properties to the bank’s top employees.

According to sources, Stanbic Bank has been experiencing a fraudulent system failure where the Bank was unknowingly sending unspecified sums of money to different mobile money users through their bank to wallet service. Sources within the Bank say this is a suspected online fraud which is currently being investigated.

Apparently, it is alleged that some unscrupulous people hacked into the Bank’s system and started wiring money into other people’s mobile money and bank accounts.

As a result, the Bank has suspended all online banking transactions as they restore the system. In a message that has been sent to all its account holders, the Bank has apologized and pledged to restore the service as soon as possible. The online system has been down since Friday last week.

“Dear customer, transactions for bills payments, Bank to wallet and wallet to Bank cannot be processed at this time. We apologise and are working to restore this service,” reads the message.

When this reporter attempted to follow up with the Bank, it emerged that all customers have been affected and cannot access this online service. Apparently, if one attempted to send money from his or her Stanbic Bank account to another person’s mobile money or account number then both the accounts of the sender and money receiver will be automatically blocked.

The move to block the accounts is to allow the Bank to investigate and verify to be sure that the money sent was authorized by the sender and not as a result of system failure from the Bank.

On 23rd September 2020, Beatrice Odongo, a Director at Macdowel Ltd wrote to Special Investigations Division, Criminal Investigations Directorate, calling for a special investigation alleging that top employees of Stanbic Bank sold a mortgaged property to themselves even after the client (Beatrice Odongo) paid the loan. The property in question is MaCdowel Apartments that are located in Luzira.

The top bosses in the alleged fraud are; Kenneth Kitungulu-Executive and Head Global Markets-Stanbic, Florence Kaweesa-Global Business Manager-Stanbic Bank, Allan Muhinda-Interest Rates Dealer-Stanbic Bank, Daisy Nitwe-Corporate Treasurer-Sales Dealer-Stanbic Bank, Emmanuel Luteba-Head Products and Analytics –Stanbic, Maureen Kembabazi Katwebaze-Works with Stanbic IBTC Bank, Nigeria and Thaib Lubega-formerly Treasury Manager-Stanbic Bank Uganda.

In a statement, the Bank pledged to work with the investigators to help settle the matter, but declined to go into the merits of the case because it is before courts of law.