StanChart probing loan fraud
Sep 01, 2005
STANDARD Chartered Bank is probing a multi-million shilling unsecured loans scam involving fraudsters masquerading as Mulago Hospital employees.
By Peter Kaujju
STANDARD Chartered Bank is probing a multi-million shilling unsecured loans scam involving fraudsters masquerading as Mulago Hospital employees.
“Internal investigations have revealed that between July 11 and August 8, 2005, a number of loan application forms purportedly from Mulago Hospital were received at the bank and the impersonators acquired loans intended for the employees of Mulago Hospital.
“The applicants used identification documents, forwarding letters from the employer and salary payslips that were all forged,†the bank said in a statement recently.
The statement said the amount in the fraud case was $135,000 (about sh250m)
“Police are still investigating the case. Until investigations are complete, it would be too early to comment on the exact number of people who were involved,†said Harriet Musoke, the head of corporate affairs.
But earlier press reports had claimed that the bank had been defrauded of over sh2b by 40 people posing as Mulago Hospital employees after conniving with some bank employees.
The statement said the bank was working with the Criminal Investigation Department to unearth the fraudsters. It said a number of external and internal suspects had been apprehended.
by the police.
Musoke said the bank was continually upgrading its controls in light of changing circumstances in the market.
She said shortcomings identified in the current investigations would be fixed immediately.
Dr. Ezra Suruma, the finance minister recently warned government agencies and financial institutions against the increased cases of computer fraud. He urged them to be strict.
Ends
STANDARD Chartered Bank is probing a multi-million shilling unsecured loans scam involving fraudsters masquerading as Mulago Hospital employees.
“Internal investigations have revealed that between July 11 and August 8, 2005, a number of loan application forms purportedly from Mulago Hospital were received at the bank and the impersonators acquired loans intended for the employees of Mulago Hospital.
“The applicants used identification documents, forwarding letters from the employer and salary payslips that were all forged,†the bank said in a statement recently.
The statement said the amount in the fraud case was $135,000 (about sh250m)
“Police are still investigating the case. Until investigations are complete, it would be too early to comment on the exact number of people who were involved,†said Harriet Musoke, the head of corporate affairs.
But earlier press reports had claimed that the bank had been defrauded of over sh2b by 40 people posing as Mulago Hospital employees after conniving with some bank employees.
The statement said the bank was working with the Criminal Investigation Department to unearth the fraudsters. It said a number of external and internal suspects had been apprehended.
by the police.
Musoke said the bank was continually upgrading its controls in light of changing circumstances in the market.
She said shortcomings identified in the current investigations would be fixed immediately.
Dr. Ezra Suruma, the finance minister recently warned government agencies and financial institutions against the increased cases of computer fraud. He urged them to be strict.
Ends