By Chris Omony

LANEX Forex Bureau risks expulsion from the Uganda Forex Bureau Association (UFBA) following the alleged involvement of one of its top managers in a $1m (sh1.8b) fraud.

Roopesh Solanki was arrested last week for allegedly defrauding clients in bogus telegraphic money transfers.

His arrest followed complaints by Cementers Ltd, who allegedly lost $157,000 (sh288m) in aborted transfers.

Herbert Wamala, the UFBA chairman, said over the weekend that Lanex management had been summoned to explain.

“We wanted an explanation but they sent us a very junior staff member which was inappropriate,” Wamala said.
“This is a serious matter. They either come or we stop dealing with them,” Wamala said.