Bank Fraud Archives – CEO East Africa

THE THIEF WITHIN: Who is Stealing from Ugandan Companies?

CEO East Africa MagazineBusiness & Markets The Big StoryFebruary 25, 2025February 25, 2025

Uganda is experiencing an economic crime crisis, with businesses and individuals losing over USD 272 million (UGX 1.02 trillion) in 2024 due to fraud, cybercrime, and financial misconduct. This represents a sharp rise from UGX 930.5 billion lost in 2023, highlighting the growing sophistication of financial crimes. While the total number of reported economic crime cases saw only a 1.6% increase, from 12,924 in 2023 to 13,132 in 2024, the financial damage inflicted has become far more severe. Cybercrime alone saw a staggering 4,700% increase in financial losses, jumping from UGX 1.5 billion in 2023 to UGX 72.1 billion in…

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Ugandans and businesses in 2024 lost USD272 mn in economic crimes; cybercrime, bank, and fraud double

CEO East Africa MagazineNews & Analysis The Big StoryFebruary 25, 2025February 25, 2025

Even though the number of financial and economic crimes rose mildly, by 1.6%, from 12,924 cases in 2023 to 13,132 cases in 2024, the severity and amount of money lost in these crimes grew more significantly. According to the Uganda Police Annual Crime Report 2024, total financial losses due to economic crimes surged past UGX 1.02 trillion (USD272 million), up from UGX 930.49 billion in 2023. However, financial losses associated with these crimes grew by 16.4%, escalating from UGX 930.5 billion in 2023 to UGX 1,082.7 billion in 2024, indicating that while the number of cases increased, the severity of…

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STANBIC USD1.8 MILLION THEFT: Bank speaks out; confirms theft but denies there was an intrusion of its IT systems

The CEO Magazine TeamBusiness & Markets The Big StoryFebruary 13, 2023February 13, 2023

Stanbic Bank Uganda, has spoken out about the brazen theft of USD1.8 million from one of its customers, Nile Energy Limited. In a brief statement released today, the bank acknowledged the incident, but at the same time denied there was an intrusion of its systems as had been reported in the media. “Stanbic Bank Uganda acknowledges the arrest of ten people, with the help of the Uganda Police, suspected of fraudulently withdrawing money off a bank customer’s account using forged documentation. The suspects have since been produced before the anti-corruption court and charged with “causing financial loss and money…

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