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Ex-Bank of Africa Staff Accused of Massive Fraud, Forged Loans and Stolen Billions

Shock as former Bank of Africa staff pinned for stealing clients’ money

Parrots Media by Parrots Media
March 10, 2025
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By Our Reporter,

KAMPALA

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Investigation bodies have pointed to connivance between the bank of Africa former staff and clients that led to huge losses at the bank and theft of clients’ money.

Senior investigators from both the Police and the State House Anti corruption Unit have revealed that a section of employees led by former Bank of Africa’s Executive Director Robinson Bernard Magulu resigned but left a huge loss in the bank which resulted from their personal mistakes.

Officials who declined to be named revealed that the former Bank staff stole the bank’s money through syndicated salary loans while others connived with clients and forged signatures of their marriage partners when presenting matrimonial properties to be used as security for loan.

It is further revealed that after money is released, another partner would sue the bank leading to loss of billions of Shillings in and after court cases.

The ongoing inquiry followed a whistleblower petition asking the Governor of the Bank of Uganda to pursue the former Bank of Africa staff to recover billions of clients’ money lost.

The dossier also copied to the Bank of Africa insists that authorities should intervene and pursue the suspects so as the bank can recover billions of money stolen during their time.

It is alleged that in 2023, the former workers of the bank connived with fraudsters at Nasser Road in Kampala city and forged garnishee orders which were taken to court and people’s money was stolen from their bank accounts.

According to the petition, upon realising the fraud, the complainant ran to the Bank of Uganda which is the supervisor of all financial institutions in the country to take action but nothing happened and that suspects are enjoying billions of money stolen from the bank through their privately established investments.

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Sources added that the former staff of the bank used the stolen money to set up their private businesses which they are pursuing to be confiscated and be auctioned by the bank to recover its money.

The petition shows that Bank of Africa Managing Director Arthur Isiko who is also accused of mistreating staff forced a number of them including Robinson Bernard Magulu to resign.

The development comes at the time after Mariam Natasha the spokesperson of the State House Anti corruption Unit revealed that the unit detectives have intensified the fight against the criminal connivance of stealing people’s money from banks through forged garnishee orders.

Natasha said that last month, the State House detectives successfully stopped the stealing of Shs600m from the bank account of Steven Karekezi in the DFCU Bank explaining that bank staff were involved in the fraud which was authorized by the Court based on the forged documents.

Tags: Bank of Africa

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