The management of Stanbic Bank has acknowledged heist of shs 6.5 billion.
In a statement Stanbic Bank Uganda acknowledges the arrest of ten people, with the help of the Uganda Police, suspected of fraudulently withdrawing money off a bank customer’s account using forged documentation.
“The suspects have since been produced before the anti-corruption court and charged with “causing financial loss and money laundering.” Stanbic Bank also clarifies that there was no “intrusion into the bank’s systems” as alleged by some media reports,” the statement reads in part.
The bank further says that cases of fraud are on the rise in the financial services sector.
“Stanbic Bank appeals to customers and Ugandans in general to remain vigilant and safeguard personal and business banking details to avoid becoming victims of fraud. No further comments will be made on this matter as the case is before court.”
Police has since arrested nine people including two managers of the bank for conniving with other people to steal the money.
The theft happened multiple times between January and February 2023 , on the advice and direction of managers, the funds were withdrawn using forged documents including a Kenyan passport number AK 0849025 and forged account transfer forms , all in the names of Mohamed Abdul Hakim Hussein , a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 said on Monday.
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.
Investigations are ongoing.