Tuesday, June 10, 2025
UG Standard - Latest News
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us
  • Login
UG Standard - Latest News
ADVERTISEMENT

 Equity Bank Under Scrutiny for Alleged Role in UGX.3bn Fake Gold Scam

by MANFRED TUMUSIIME | UG STANDARD REPORTER
09/07/2024
in News
Reading Time: 2 mins read
A A
0
Share on FacebookShare on Twitter
Equity ranked 4th strongest banking brand globally on brand strength, scoring 92.4 points out of 100
Equity Bank Uganda’s headquarters in Kampala, now at the center of a multi-billion fraud scandal. Allegations of a fake gold transaction have raised questions about the bank’s role in facilitating illicit activities

KAMPALA —The police are investigating Equity Bank’s involvement in a fraudulent gold transaction that resulted in a Canadian national, Clifford Potter, losing over $3bn. The bank is accused of failing to comply with anti-money laundering regulations and facilitating the fraud.

According to a letter written by SSP Ayub Waisswa of the Criminal Investigations Directorate (CID) to Equity Bank’s Managing Director, “It’s alleged that one Clifford Max Potter, a Canadian citizen, and others deposited about USD 1,000,000 to the above bank account between 2016 and 2019, under a fraudulent gold scheme of Stephen Bairukanga, and the money was immediately withdrawn from the above account.”

Related posts

Deputy Chief Justice, Dr. Flavian Zeija officiating Wakiso Court opening ceremony.

Wakiso High Court launched, Judicial officers urged to prioritize effective service delivery

06/06/2025
169
Some of the Community members who participated in the celebrations.

Host Communities Speak Out for Environmental Justice on World Environment Day 2025

05/06/2025
162

NEMA Shines in Corporate Games: Organisers Optimistic the 4th Outing Will Take Us to the Top

05/06/2025
264
The members of the commission during today's sitting.

UHRC Resumes Second Round of Countrywide Human Rights Tribunal Sessions – 2025

04/06/2025
160

Potter’s lawyer, Fred Muwema, claims that the bank should have done due diligence to verify the legitimacy of the gold dealer, Stephen Bairukanga, and reported suspicious transactions to the Financial Intelligence Authority. “When you get suspicious money on your account, the bank is supposed to verify where this money is coming from. If you don’t have paperwork that is clear, by law, the bank is supposed to report those suspicious transactions to the Financial Intelligence Authority,” Muwema said.

However, a senior official at Equity Bank, who spoke on condition of anonymity, maintained that the bank was not involved in the transaction. “The bank is not involved; this was a transaction between two parties. We have seen the letter from the lawyer, and it’s a matter we have been handling internally, but the matter is between two people; let them sort themselves. If they call us to court, we will come and explain our position, but as far as we are aware, the bank is not involved,” the official said.

Muwema countered that the bank’s argument was untenable. “Under the law, when the bank fails to do its duty and money gets lost, the bank is liable because it facilitated the transaction. Whereas the bank says that was a relationship between two people, it’s true, but the bank must ensure that those who hold accounts with them don’t use it for suspicious transactions. If they say they are not involved, why have they been blocking people’s accounts? The banks are the gatekeepers against illicit transactions,” Muwema argued.

Potter is not the first person to lose billions in fake gold transactions. In the past, the police have investigated many cases in which foreigners have lost a lot of money in the hope of getting gold that never materializes.”

Share this:

  • Share
  • Click to share on Facebook (Opens in new window) Facebook
  • Click to share on X (Opens in new window) X
  • Click to share on LinkedIn (Opens in new window) LinkedIn
  • Click to share on X (Opens in new window) X
  • Click to share on Pinterest (Opens in new window) Pinterest
  • Click to share on Telegram (Opens in new window) Telegram
  • Click to share on WhatsApp (Opens in new window) WhatsApp

Like this:

Like Loading...

Related

Tags: Bank of UgandaEquity BankEquity Bank atm fraudFeatured

Related Posts

 Abbas urges U.S. to compel Israel to stop violations against Palestinians
News

 Abbas urges U.S. to compel Israel to stop violations against Palestinians

05/11/2022
0
269

Abbas urges U.S. to compel Israel to stop violations against Palestinians RAMALLAH, Nov. 4 (Xinhua) -- Palestinian President Mahmoud Abbas...

Read moreDetails
Kabuleta and other opposition politicians have teamed up to put an end to Museveni's leadership

 Kabuleta, other opposition politicians team up to put an end to Museveni’s leadership

27/02/2024
447
President Museveni

 Museveni commends Ugandan scientists! 

21/07/2020
871

 Prostitution main cause of HIV/AIDS, says Museveni

02/12/2024
201
Load More
UG Standard - Latest News

UG Standard, published via www.ugstandard.com isa publication of Sahel Media Solutions Ltd, a professional Digital/New Media company in Uganda info@ugstandard.com

Follow us on social media:

Latest News

  • Civil Society Organizations Call for Urgent Action to Address Uganda’s Food Safety Crisis
  • 5 Dead, 6 Injured in Nakasongola Highway Head-on Crash
  • Equity Bank Tops List of Ugandan Banks with Highest Non-Performing Loans
  • Maj. Gen. Kulayigye Back as UPDF Public Information Director
  • Whistleblower Alleges Money Laundering, Unregulated Lending Against Equity Bank
  • Senior UPDF Commander Arrested in Gold Robbery, Kidnapping Case

OpED

MICHAEL JJINGO: Before the Grey Hair Comes: Retirement Planning is a must do

OPEN LETTER TO GEN MUSEVENI: Let’s rethink why UPE, USE schools still charge fees

KENNETH KIMBUGWE: Ugandans must rethink savings for lasting financial security

Understanding Air Expansion and Its Impact in Kasese District, Western Uganda

The Empire, the Spectacle, and the Soft Coup in South Africa

© 2024 Ugstandard - Latest News by Digital/New Media company.

Welcome Back!

Sign In with Facebook
OR

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • DIPLOMACY
    • COURT
    • AFRICA
    • BOOK REVIEW
    • INTERVIEW:
    • National
    • Parliament
    • World
    • Regional
  • Business
    • AGRIBUSINESS
    • OIL & GAS
    • REAL ESTATE
    • TECH
    • INNOVATIONS
    • TELCOM
  • OpED
  • EDUCATION
  • INVESTIGATION
    • NATIONAL ARCHIVE
    • SPECIAL REPORT
    • ANALYSIS
  • FEATURES
    • SOCIETY
    • Community
    • Pictorial
    • PROFILES
    • Lifestyle
    • Health
    • ENVIRONMENT
  • Tours & Travel
    • Hotel & Hospitality
  • Sports
  • About Us

© 2024 Ugstandard - Latest News by Digital/New Media company.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
%d