Stanbic Bank Uganda has acknowledged the arrest of 10 people, with the help of the Uganda Police, suspected of fraudulently withdrawing money off a customer’s account using forged documentation.
A press statement from Stanbic Bank dated February 13, 2023 says the suspects whose names have been withheld have since been produced before the anti-corruption court and charged with “causing financial loss and money laundering.” The amount of money withdrawn off the account has also not been revealed.
The bank also clarifies that there was no “intrusion into the bank’s system as alleged by some media reports.
Cases of fraud are on the rise in Uganda’s financial services sector.
“Stanbic Bank appeals to customers and Ugandans in general to remain vigilant and safeguard personal and business banking details to avoid becoming victims of fraud,” the bank says.
