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Breaking: 9 arrested over Shs 8 Billion Housing Finance Bank Fraud

By Executive Editor

info@kampalagazette.com

The Criminal Investigations Directorate of the Police has in custody nine people including Kampala businessmen for impersonation, fraud and conspiracy among other prefered charges.

The Police say that Kato John Baptists, Sande Umaru, Kakooza Adam, Joshua Lubega, and others still at large between October and November 2023, conspired and defrauded the Housing Finance Bank (HFB) in a Shs 8 billion heist.

Well-placed sources say that the suspects transferred Shs 8 billion from Housing Finance Bank (HFB) to over 40 bank accounts.

This, the Police say, was intended to defraud customer deposits.

Police Spokesman Fred Enanga told the media in Kampala on Friday that investigation into the matter is ongoing.

This is a developing story.

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