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Stanbic Bank Uganda, has spoken out about the brazen theft of USD1.8 million from one of its customers, Nile Energy Limited.
In a brief statement released today, the bank acknowledged the incident, but at the same time denied there was an intrusion of its systems as had been reported in the media.
“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,” read the statement.
“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,” the bank added.
“No further comments will be made on this matter as the case is before court,” said the bank.
Earlier today, Uganda Police released a statement confirming that its Special Investigations Division in coordination with the Fraud Department at Stanbic Bank, had arrested 9 suspects in connection with the said fraud. The police said, the suspects had been arrested “in connection with a series of computer system intrusions which gave then unauthorised access to a client’s account, where they made unauthorised transfers of funds, worth USD1.8M, into other bank accounts, established solely for the purpose of receiving the stolen funds”.
The police statement said the theft had been carried out, “at the direction of the Branch Managers” who assisted in the withdrawal and stealing of the funds, using forged documents of a Kenyan Passport number AK 0849025 and forged inter Account Transfer Forms, all in the names of Mohamed Abdul Hakim Hussein, one of the Company Directors and a signatory of the Account, of Nile Energy.
The money was stolen via Stanbic’s Garden City and Freedom City branches and sent to 3 bank accounts in the names of Dixon Kagurusi Ampumuza, Petrom Limited and Famane Investments Co. Ltd. The money was then withdrawn as soon as it was deposited- in 7 instalments of USD 495,000, USD 287,000 USD 295,000, USD 90,000, USD 60.000, USD 295,000 and USD 495,000 according to Uganda Police.
12 suspects have been arrested and charged in court in connection with the crime.
“These arrests send a clear and unmistakable message to those who conspire to exploit the banking systems to steal client’s deposits and services, not to use their positions and user rights, to steal from hard-working citizens and investors. We want to thank the Management of Stanbic Bank (U), for boldly coming out to fight this kind of bank fraud. Most bank frauds and conspiracies involve bankers and other conspirators, who identify customers with high cash balances and steal from them, after compromising the accounts, thus putting the bank at a huge loss,” the police warned in their statement.
“We urge all banks and customers to have protective measures and a culture in place to identify potential misuse of computer information and alert the Economic Crimes and Anti-Corruption Division at CID Headquarters. We also realised that fighting bank fraud requires both the adoption of good practices, and genuine partnerships between the Bank and its clients. Better prevention, detection and recovery of fraud, will help reduce client phobia on their bank deposits and savings,” reiterated the police.