After a three-month investigation, the Criminal Investigations Directorate (CID) has arrested seven individuals linked to the disappearance of $16 million (approximately UGX 60 billion) from the Bank of Uganda's coffers. The suspects include officials from both the Ministry of Finance and the Bank of Uganda.
The probe, initiated in late 2024, uncovered that the substantial sum was illicitly transferred from the Bank of Uganda's accounts to foreign banks in countries such as Japan and the United Kingdom. Investigators believe that this fraudulent activity was orchestrated by insiders within the central bank and the Ministry of Finance.
Among the 17 individuals interrogated during the investigation, nine are employees of the Bank of Uganda, six are from the Ministry of Finance, and two are associated with the Accountant General’s office. The seven arrested suspects are currently detained at the former Special Investigations Division in Kireka, Kampala.
Authorities have confiscated electronic devices, including smartphones and laptops, from the suspects to aid in the ongoing investigation.
The Bank of Uganda has acknowledged the incident, stating that they are awaiting the official police report on the matter. Deputy Director for Communications, Dr. Natamba Bazinzi, emphasized the central bank's commitment to cooperating fully with law enforcement agencies to resolve the issue.
The Parliamentary Committee on Commissions, Statutory Authorities, and State Enterprises (COSASE) has summoned officials from the Bank of Uganda and the Ministry of Finance to provide explanations regarding the missing funds. Committee Chairperson Medard Lubega Sseggona expressed concern over the integrity of the country's financial systems and emphasized the need for accountability at all levels.
The CID, in collaboration with other security agencies, continues to investigate the full extent of the embezzlement. Authorities are working to trace the stolen funds and identify any additional individuals involved in the scheme.
The government has reiterated its commitment to upholding transparency and ensuring that those responsible are brought to justice.This incident has raised significant concerns about the security and oversight of financial operations within Uganda's key financial institutions.
The outcome of the investigation is anticipated to have far-reaching implications for the country's financial governance and institutional integrity.
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