Bank Of Uganda Officials Arrested Over Printing Excess Money To A Tune Of 90 Billion

June 15, 2019 | Balam Bob

Yesterday, reports surfaced that Bank Of Uganda Officials had been arrested following a tip from a whistle blower that they had printed extra money to a tune of 90Bn

According to a Statement issued by the Central Bank Governor Emmanuel Tumusiime Mutebile the investigation is in relation to a consignment that the Central Bank received on April 27, 2019.

“During the verification process, BOU staff reported an anomaly in the inventory of the expected consignment,” Mutebile stated. However, he made no mention of the persons involved in the scandal but added that he referred the matter to the Anti-Corruption Unit for investigations.

According to another statement signed by Lt Col Edith Nakalema, the head of The State House Anti-Corruption Unit, several officials from the central bank, Civil Aviation Authority and the airport security personnel and customs officials are being questioned about the matter.

“The investigation is being carried out following the invitation by the Governor Bank of Uganda,” Nakalema said. But Nakalema’s statement only mentioned Bank of Uganda procurement and supply chain activities as a reason for questioning.

However, there are reports that the issue involves the printing of money, which was coming into the country. Uganda prints its money from Germany. Reports indicate that some of the officials at the Central Bank wanted to flee part of the money that was coming into the country.

In the past two years, the central bank has been cast into the public storm with several officials there accused of fraud.

An investigation by a Parliamentary committee on Commissions Statutory Authorities and State Enterprises indicated there were irregularities in the closure of defunct banks – with indications that some officials at the bank could have benefited financially.

Some of the money that was reportedly printed

With the sale of Crane Bank to DFCU Bank still a fresh pinch in former boss, Tycoon Sudhir Ruparelia the big question is, Are there dirty officials within the Central bank that are benefiting from these selfish acts?