In the quiet suburb of Nakasero, nestled amid rolling hills and close-knit businesses, including financial institutions, a local Savings and Credit Cooperative (SACCO) stands as a beacon of financial support for its members. Little did they know that within the trusted walls of their financial haven, a web of scheming and deception was quietly taking shape, front-led by a former banker, turned conman.
SCHEMING BANKER
Meet Gerald Muhereza, a charismatic and seemingly upstanding member of the banking community. His charm and financial acumen quickly earned him the trust of both the SACCO members and the board.
With a background in finance and a warm smile that could disarm suspicion, Gerald who was recently let go by his former employer, NCBA Bank continues to pack lies after another after borrowing 15 million shillings in January 2023 with the promises of completing payment by March 28th, 2023. 10 months later, only a paltry amount has been paid, leaving a balance of 14 million shillings outstanding. His charm and financial acumen quickly earned him the trust of both the SACCO members and the board, allowing them to advance the funds to him with only two Housing Finance Bank cheques as security.
FRAUDSTAR UNLEASHED
As a borrower, Gerald Muhereza has exploited his trust to orchestrate an elaborate scheme intended to defraud the hapless SACCO of their savings. For one whole year, demands to get the borrowed money back have been met with lies, empty promises and unanswered phone calls. The former banker remains oblivious to the financial irregularities and has played hard to get.
The SACCO has since instituted legal proceedings against Mr. Muhereza who remains elusive, leaving the banking community grappled with feelings of anger, disappointment, and disbelief. The once-thriving deputy executive director leaves a trail of debts elsewhere.