By Our Reporter
NATIONAL
The Anti-corruption Court sitting in Kololo, Kampala has convicted and sentenced a Centenary Bank Teller over Shs103M embezzlement and Money Laundering.
Kyambadde Alex, a former teller at Centenary Bank’s Kireka Branch, was found guilty by Justice Lawrence Gidudu on two charges of embezzlement and one count of money laundering, sentencing him to 4 years and 10 months in prison.
According to the prosecution led by Apio Gertrude- Senior State Attorney and Mutuwa Sandra- State Attorney from the Office of the DPP; Kyambadde orchestrated a sophisticated scheme involving fictitious foreign exchange transactions between February 28 and May 31, 2019. By manipulating the bank’s core system, he created undetected imbalances that enabled him to steal USD 21,350 and EUR 5,700, equivalent to UGX 103,156,900. The fraud was only uncovered when the bank’s Business Technology (BT) Department at headquarters flagged inconsistencies.
Further investigations revealed that Kyambadde had also fraudulently withdrawn UGX 21,290,000 from accounts belonging to vulnerable individuals in Moroto. These accounts, funded by charitable donations from Italian priests, were accessed without the knowledge or presence of the account holders, none of whom had visited Kampala.
In an attempt to conceal the illicit proceeds, Kyambadde laundered the stolen funds through Revero Investments Ltd. He falsely claimed that Revero employees had conducted the forex transactions. The money was then converted into shillings and transferred into his personal account.
Delivering judgment, Justice Gidudu condemned the calculated and sophisticated nature of the crimes, emphasizing the need to protect financial institutions and their clients from similar abuses.
“The manner in which the accused executed this scheme shows a high level of premeditation and technical know-how. This sentence should send a clear message to potential offenders,” he remarked.
Kyambadde’s conviction is a significant win for financial accountability and reflects the ODPP’s commitment to safeguarding the integrity of Uganda’s banking sector and ensuring justice for the vulnerable.
