An unrevealed number of staff at PostBank have been arrested as part of investigations into how fake money amounting Shs500 million ended up at the bank’s branch in Mbale City.
The initial investigations, according to PostBank, point to a collusion of bank’s custodians at the branch.
“Further to our earlier communication where PostBank Uganda (PBU) confirmed that the bank’s internal control mechanism had discovered counterfeit notes worth Five Hundred Million Uganda Shillings in Mbale branch, and that the matter had been escalated to the Police, below is the latest update on the matter,” the bank said in a statement issued on Thursday.
Uganda Police has arrested the implicated staff, and where there were lapses in oversight of the branch operations, the bank has suspended the responsible staff pending the conclusion of the investigation, PostBank added.
“All the steps that we are taking are in line with the bank’s policies and procedures, and the culprits will be brought to book according to the laws of Uganda,” the statement added.
The bank said this is an isolated incident, and that all transactions are safe as it has in place all the required resources and technology to detect counterfeit, “just like it was in this case where we detected this internally before any customer could be impacted.”
“Integrity is critical to us, and because you are the reason we exist, we believe it is important to update you on the progress of the ongoing investigation in the most transparent way. We re-assure you of our promise to foster your prosperity at every step of your financial journey,” it adds.
