KAMPALA, Uganda - Five Equity Bank staff members have been remanded to Luzira prison on charges of conspiracy to defraud the bank of 62 billion shillings through unsecured loans.

The suspects, Julius Musiime (Head of Agency Banking), Erina Nabisubi (Relationship Manager Telecom), Fred Semwogerere (Banker), Cresent Tumuhimbise Tibarwesereka (Relationship Officer), and Wycliff Asiimwe (Distribution and Marketing Consultant), are accused of being part of a scheme involving unauthorized debits and money laundering.

The prosecution alleges that between 2021 and 2024, the group obtained fraudulent loans by presenting unqualified individuals as legitimate borrowers. They are further accused of aiding in the concealment of the stolen funds.

Magistrate Abert Asiimwe advised the suspects against pleading to the money laundering charges, which can only be tried by the High Court. They will remain in custody until April 12th while investigations continue.

The case highlights growing concerns about internal banking fraud in Uganda. Equity Bank and law enforcement officials are likely to face pressure to recover the missing funds and hold those responsible accountable.