How five Equity Bank employees defrauded Shs62 billion 

Anti-corruption court has remanded five employees of Equity Bank for defrauding their employer of Shs62 billion.

Appearing before grade one Magistrate Ebert Asimwe, the suspects were charged with obtaining credit by false pretenses, conspiracy to defraud, and money laundering and were subsequently remanded to Luzira prison.

The five included Julius Musiime, the head of Agency Banking; Erina Nabisubi, Relationship Manager for telecom; Fred Ssemwogerere, a Banker; Cresent Tumuhimbise, Relationship Officer; and Wycliff Asiimwe, a distribution and marketing consultant.

Prosecution led by State Attorney Raymond Mugisa avers that between 2021 and 2024, the five and others at large defrauded equity of Shs62 billion by fraudulently causing the disbursement of unsecured loans to unqualified people. 

Nabisubi is accused of obtaining Shs6.55 billion from the bank, 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 she did not. 

She impeded the establishment of the true ownership of Shs6.5 billion, which she fraudulently obtained from the bank through account number 1032100370335 in the name of Najjemba, purporting it was applied for as a loan, yet it was a crime. 

The prosecution further accuses Nabisubi of having incurred a debt of Shs300 million and fronted one Latiffa Nagawa as the person who had fulfilled the requirements to secure that loan, which was not true. 

Julius Musiime is accused of concealing the true ownership of Shs18 million, which he allegedly received as a gratification from Stella Mutuuza, for having processed a loan of Shs700 million by requiring her to deposit the said gratification on the account number belonging to Gilbert Rwaheru Kiiza, knowing deposits were proceeds of crime.