Tag Archives: fraud

Looking to tough, new compliance, enforcement COVER STORY | RONALD MUSOKE | Value Added Tax (VAT) fraud is the most prevalent tax crime in Uganda. This was one of the revelations at the launch of the “Tax Crimes and Proceeds Risk Assessment Report, 2024” in Kampala on Oct.24 by the Financial …

There’s a dramatic rise in loan fraud, which surged to 46.5% as of June, up from 23.3% in March 2024 Kampala, Uganda | PATRICIA AKANKWATSA | Uganda’s banking sector is confronting a significant increase in fraud incidents, prompting experts to call for more stringent measures to address the escalating threat. Julius …

Kampala, Uganda | THE INDEPENDENT | The Principal Judge, Flavian Zeija, has called for stiffer laws and penalties for fraud offenses, especially for repeat offenders. Speaking at the Second Fraud Forum by the Uganda Bankers Association in Kampala, Justice Nzeija said fraudsters in Uganda found it easy to stay in …

Kampala, Uganda | THE INDEPENDENT | The Nakawa Chief Magistrates Court has remanded businessman cum politician Mukesh Shukla to Luzira Prison on charges of conspiracy to defraud  a Pakistan National’s company of more than 221.8 million shillings. Mukesh was on Wednesday arraigned before Court presided over by the Chief Magistrate Elias …

Kampala, Uganda | THE INDEPENDENT | The Anti Corruption Court in Kampala has remanded five employees of Equity Bank on charges of conspiring to defraud the bank of 62 billion shillings. They are Julius Musiimenta the Head Agency Banking, Erina Nabisubi the Relationship Manager Telecoms, Fred Semwogerere a Banker, Crescent Tumuhimbise …

Kampala, Uganda | THE INDEPENDENT | Equity Bank Uganda has launched investigations into cases of fraud surrounding their Stock Loan and Agent Float financing that happened recently. The Stock Loan product is a credit facility meant to support entrepreneurs, small and medium-sized enterprises (SMEs), and large businesses across various sectors with …

Hoima, Uganda | THE INDEPENDENT | The High Court sitting in Hoima has summoned a Swiss businessman David Ferdinand Heimhofer and his Ugandan girlfriend Mariam Kajumba to file a defense against accusations of putting an illegal caveat on land belonging to Testimony Motors Uganda. The said land worth 5 million Dollars …

Lists what Uganda top business executives fear more than theft, fraud, corruption COVER STORY | RONALD MUSOKE | A cyber-attack event is the top-most business risk for Ugandan business executives this year, according to a new survey published on Jan.23 by Allianz Group’s corporate insurer affiliate, Allianz Commercial. Cyber-attacks which include …

Kampala, Uganda | THE INDEPENDENT | The City Hall Magistrates Court has summoned the head of Petroleum in the Ministry of Energy and Mineral Development Spero Byokunda to appear and answer charges related to defrauding a Serbian investor. Byokunda is wanted together with businessman Emmanuel Byamukama to appear in Court …

Kampala, Uganda | THE INDEPENDENT |  The Uganda Bankers Association has endorsed the Bug Bounty Program as part of efforts to improve the security of the financial industry against cybercrimes. The Bug Bounty is the monetary reward offered to ethical hackers who specifically uncover and document vulnerabilities for application developers. …