Top Tropical Bank Official Arrested Over Fraud

Top Tropical Bank Official Arrested Over Fraud

By Ivan Mwine

The State House Anti-Corruption Unit in liaison with the Uganda Police Force have arrested a senior official at Tropical Bank Uganda over allegations of fraud.

According to the State House Anti-Corruption Unit, the Tropical Bank official identified as Danson Nahurira, was arrested for fraudulently processing and issuing financial cards to people, something he was doing illegally.

Information gathered by detectives so far indicate that Nahurira has allegedly been charging Shs1.2m to issue cards which enable people with loans in one bank to acquire loans in other banks, yet these cards are usually issued out free or at a very low processing fee.

His arrest came after the Anti-Corruption Unit received complaints from several Ugandans about Nahurira’s fraudulent activities.

By press time the police were still conducting investigations into the matter to determine the charges to be preferred against Nahurira, after which he will be arraigned before the Anti-Corruption court to face the charges.

Tropical Bank is a commercial bank in Uganda. It is licensed and supervised by the Bank of Uganda, the country’s central bank and national banking regulator.

The bank was established in 1973 as the Arab Libyan Bank for Foreign Trade & Development.

In 1994, the name was changed to Tropical Africa Bank Limited and in 2006, the bank re-branded to Tropical Bank and  it is  the only commercial bank in Uganda that operates following Islamic Business Principles of the Sharia Law.

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