Equity Bank Fraud: Kenneth Onyango, Former Executive Arrested"

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Kenneth Onyango, the former executive director of commercial banking at Equity Bank, has been arrested in connection with a staggering fraud amounting to 62 billion shillings at the institution.

Onyango, who held a prominent role overseeing day-to-day operations, was apprehended from a hideout in Kampala’s suburbs on Thursday, April 11, 2024.

This development comes on the heels of the arrest of five Equity Bank employees charged with conspiracy to defraud the bank of the aforementioned sum.

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Furthermore, among them are head of agency banking Julius Musiime, relationship manager Erina Nabisubi, banker Fred Ssemwogerere, Crescent Tumuhimbise Tibarwesereka, and distribution and marketing consultant Wycliff Asiimwe. They were charged on March 20, 2024, at the Anti-Corruption Court in Kampala.

Following their arraignment, the accused individuals were remanded to Luzira Prison pending further legal proceedings. Notably, they applied for bail in the High Court, awaiting a ruling before Justice Lawrence Gidudu.

The prosecution, led by chief state attorney Raymond Mugisa and state attorney Pamela Orokot from the Office of the Director of Public Prosecutions (ODPP), alleges that the accused conspired to defraud Equity Bank between 2021 and 2024 by fraudulently disbursing unsecured loans and engaging in other illicit activities.

The severity of the charges underscores the gravity of the situation, with severe penalties outlined in the law for such offenses. As the legal process unfolds, the pursuit of justice remains paramount in holding accountable those involved in financial misconduct. Stay tuned for updates as this case progresses.

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