By Stephen Muiruri
Oct 14, 2003 - Monitor
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� Cash 'wired' to K'la NAIROBI - Ugandan con men have swindled Shs 10 billion ($5 million) from the Standard Chartered Bank of Kenya in an elaborate cross-border fraud. The money was wired by Swift Transfer from the bank's headquarters on Moi Avenue in Nairobi to newly opened accounts at three banks in Uganda. The fraudsters had targeted $5,005,000 but only $3,005,000 (Shs 6 billion) had been sent to Uganda by electronic transfer by the time the theft was discovered. Officials at DFCU became suspicious when they noticed anomalies in the account where the money was to be credited and sent in the Swift message. The alert was received as the fraudsters were wiring the $2 million to Kampala. The money was promptly seized and held at a Moi Avenue account pending investigations. But not before the thieves had withdrawn about Shs 2 billion ($1,005,000) before the scandal was exposed. The other $2 million - which was part of the $3,005,000 wired to Uganda - had not been withdrawn and is being held by Kampala banks. Ms Elizabeth Kutesa, the director of Uganda's Criminal Investigations Department, told The Monitor that she has heard about the fraud. "I don't have details now but I certainly know about it; there are three cases involved," she said by phone last night. The other two banks, which received credit from Nairobi are Crane Bank of Uganda ($2 million) and Barclays Bank Kampala ($1.05 million). On being alerted, Standard Bank managers moved swiftly to verify their records and immediately notified the Central Bank of Kenya's fraud unit. The Standard Bank management had not endorsed the transactions or any money transfer to Uganda, sources said. Three workers from the bank have been picked up for questioning. Prominent Ugandans working with some Kenyan bank workers are suspected to have been behind the swindle. Sources told the Nation that unidentified staff at Standard Bank headquarters in September and early this month sent fraudulent Swift Transfer messages to three banks in Uganda crediting accounts with a total of about $5 million. A Ugandan law firm withdrew $500,000 from one of the banks while a construction company received a $2.55 million deposit in its account. The $2 million, which was wired to DFCU Bank was meant for a financial institution based in Kampala. DFCU Bank managers were suspicious when they noticed the large sums of money being wired to a new account and immediately contacted Nairobi bank. Investigators reportedly want to identify the Standard Bank workers who generated the Swift messages that led to the money transfer to Uganda and why the Ugandan companies were receiving the funds. Ugandan detectives have been asked to help trace officials of the three companies. Kenyan detectives might be sent to Kampala to help in the investigation. - Nation |
� 2003 The Monitor Publications
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