Stanchart Loses Sh500m In Fraud

By Yunusu AbbeyTWO Standard Chartered Bank (Stanchart) staff have been sent on forced leave following an alleged fraud involving about sh500m.Bank sources said Jacquiline Nassali and Gloria Atuheirwe, working in the Advantage Card Department were sent home on Monday this week. The sh500m loss is said to have so far been the biggest fraud Stanchart bank has experienced in recent years. There had been reports that Rosco Nsubuga, who heads the Advantage Card Department, was recalled from leave and suspended over the same issue.But when The New Vision contacted him yesterday, Nsubuga denied the allegations. He said although he was still on leave which ends on January 14, he had not received any official communication about his suspension. Other sources said four more bank staff could have also been suspended over the same case.Nassali and Atuheirwe are reported to have been suspended pending further investigations. The CID fraud squad has already swung into action and arrested one suspect. Unconfirmed reports said the decision to suspend the bank staff was taken after their bosses discovered they allegedly loaded two fake cheques, each worth sh250m onto a customer’s advantage card. “By the time the fraud was discovered, the cash had already gone on the card and all the money drawn,” said a source. Reports said the cheque was in the names of a petrol filling station operator in Entebbe. The New Vision has established that Mr. George Barenzi is the operator of Entebbe Caltex retail out-let.Unconfirmed reports said Barenzi has been arrested.But it could not be ascertained whether someone had used his name and colluded with the bank staff. Since Monday, Barenzi’s mobile phone has been off air.Walter Mangai, head of consumer banking, yesterday confirmed the fraud took place. In a brief statement read to The New Vision yesterday, Mungai said, “On January 3, 2002, our (Stanchart) Speke Road branch received a cheque for sh250m for deposit into one of its customer’s accounts.”“Again on January 4, 2002, the same customer deposited another cheque forsh250m. The customer drew out cash against the two cheques totalling to sh500m. Subsequently, the two cheques were returned unpaid by the drawing bank, said the statement.“The matter was reported to the Police and investigations are underway. It is hoped the suspect who is with the Police, will be prosecuted for his involvement in the fraud,” it added. Ends