BoU Bosses Cited In Sudhir Fraud Case
Shocking information unearthed by investigators in tycoon Sudhir Ruparelia’s alleged Shs400Bn fraud case indicates that some Bank of Uganda officials connived to bring down crane bank.
Sudhir was dragged to the High Court Commercial Division with Meera, a company he owns with his wife and children.
He is also accused with others who include tycoon Godfrey Kirumira over allegations that they defrauded Shs400Bn from Crane Bank.
However, sources privy to investigations contend that there is suspicion of connivance between Bank of Uganda officials and some former top managers of Crane Bank to crash Sudhir’s bank and later go after him.
This is because investigators wonder how BoU all of a sudden realized that Crane Bank had become undercapitalized, yet they have been auditing the Bank since its opening.
One of the investigators who preferred anonymity said that; “According to BoU regulations, they are supposed to audit all commercial banks and financial institutions on a regular basis. So why didn’t they discover all the alleged fraud which they say was committed between 2013 and 2015 for all that time? Why do they bring it all now, yet they had been doing annual audits of the bank?”
He added that “Why blame Sudhir as an individual in a company where he is a shareholder, obligated to govern the entity and oversee its management on a daily basis. Why are they highlighting Sudhir yet they were mandated to do their job and instead released misrepresented results?”
After digging deep into the matter, Justine Bagyenda, who is the head of Bank Supervision, has consistently featured. The investigators wonder where Justine, as Director of Supervision has been all this time and contend that she should address the public about the matter since she is the person in charge of supervision.
As the director of supervision, Bagyenda is expected to be fixing and controlling the economy by tackling high inflation rates and borrowing rates. Her office is in charge of monitoring all the banks’ transactions.
A former Crane Bank insider revealed that; “the audit report for Crane Bank has never been released, there is no sale agreement of the bank to dfcu and no explanations about the same, yet they are demanding large sums of money which they are supposed to supervise.”
The insider adds that there’s also no explanation on nonperforming assets.
“Initially they talked about Shs200Bn but now it is Shs400Bn, where has this come from? Where is this money going if not into their pockets and those of their lawyers? The plot behind this is that whether Sudhir wins or loses the case, the BoU plotters and their lawyers will still pocket billions of tax payers’ money for litigating the case, hence that is their motive.”
Watch this space