KAMPALA- Cifford M. Potter , a Canadian Business man through his lawyers of Muwema and Company Advocates has petitioned Ugandan authorities including Police to intervene in the matter where Stanbic Bank Uganda and Equity Bank defraud him over 38 billion shillings from fraudulent transactions.
Courtesy photo
According to Clifford, that between 2016 and 2019 he entered into agreement with Stephen Bairukanga alleging that he was going to supply him gold, he later on deposited 700,000 USD on his account in Equity Bank under the names of Global Logistic SMC , 1000,000 on account in Stanbic Bank under the same names which he later realized that it was a scam.
This allegation has been confirmed by the Police in the letter addressed to Managing Directors of the two banks in question, dated 27th June 2024 authored by SSP Waiswa Ayub , acting Director CID Kampala Metropolitan Police (KMP) confirming that they are investigating this matter as a money laundering case.
“It is alleged that the bank facilitated the above fraud by failing to comply with Anti Money Laundering regulations requiring reporting of the suspicious transactions to Financial Intelligence Authority (FIA).” Reads part of the letter addressed to Equity Bank
Its for the above reason that Police asked the two banks to present an officer who can explain more about the matter by ordering him to report to KMP by this week.
Reporting to the Banks
In January 2024, Clifford M. Potter, through his lawyers of Muwema and Company Advocates brought the matter to the attention of Equity and Stanbic Bank requesting them to take action over the matter.
“Our client is the holder of a representative order authorizing him to institute an action to recover money lost through a fictitious gold transaction orchestrated by the above-named Stephen Bairukanga through his personal and company account Nos. 9030016619875 and 90300 16013782 respectively.”
“The impugned gold transactions and the fraudulent bank transactions took place between 2019-2022 and they were in addition to similar fraud committed by the same fraudster through Equity Bank between 201l6-2019.” Reads part of the letter addressed to Managing Director Stanbic Bank and copied to Bank of Uganda dated 15th January 2024.
That the statement which was obtained shown that their client effected 30 different transactions on different bank accounts which the bank allowed the alleged fraudster to encash within one day , didn’t raise any alarm thereby becoming a complicit of the fraud actions.
The lawyers also contended that although the said fictitious gold transaction played out more than 3 years ago, their client and his co-investors discovered much later in July 2022, that they had been conned in the above fraudulent scheme with the participation of the bank.
“In our considered view, the bank deserves to take a quick composite review of the circumstances attending to this case so as to determine whether to settle the matter amicably or allow it to escalate into a fully blown legal dispute.”
The lawyers reminded the bank to treat that letter as an intention to sue because incase they don’t react as required, they will have no option but to drag them in court.
