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    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election 

    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

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    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country! 

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country!

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

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    To Connect the Unconnected with Innovations towards Inclusive Growth

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    Fresh Dairy donates classroom desks to Kirinya Catholic Primary School

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    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France 

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    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

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    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency 

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    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

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    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

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    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

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    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

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    Cindy Sanyu to headline Eastern Megafest

  • 2021 Uganda Elections
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    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election 

    EC Sets programme and polling date for Bukimbiri County Parliamentary by-election

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    Soroti City East By-elections: EC sets Tentative but Statutory deadline as Justice Byabakama Preaches fairness and Free process

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    More Clout: Stanbic Bank’s CEO Anne Juuko Business Leadership Skills Continues to Star, wins at the ABLA

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Electoral Commission Issues Detailed 2022 Guidelines for Women Councils and Committees From Village to District Levels

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Raw Deal: Businesses cry Foul, says they Reap Zero out of Billions they Invest in ‘Influencers’ that Never Attract a Penny in Sales

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country! 

    Still on MPs` Salary Upsurge? Well, Hon. Speaker Anita Among`s UGX2.5Bn New Mercedoz Finally Jet into the Country!

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
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    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    Outgoing PRAU President Cynthia Mpanga (right) hands over the key to new PRAU President Sarah Kagingo as PRAU Patron Min. Frank Tumwebaze looks on

    Hon. Frank Tumwebaze graces PRAU Governing Council Handover Ceremony

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

    Vincent Omoth – Marketing Manager Fresh Dairy (L) hands over 20 classroom desks to Head Teacher Kirinya Catholic School

    Fresh Dairy donates classroom desks to Kirinya Catholic Primary School

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
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    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    Final Whistle: UMA and NCF Floor UNCC as Ministry of Gender, Labor and Social Development Okays 28th June as Date for New Leaders Elections

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France 

    English Whistle: Englishman Anthony Woodthorpe Won’t Stomach Stubbornness at Rugby Africa Cup in France

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Never Say Never: Doreen Kabareebe to finally Represent Uganda at the MS International Beauty Pageant

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    Good to Fly: Crested Cranes CECAFA SWC Triumph Signals a Ready Team for the Morocco Bound AFCON

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double 

    The Bul-let: Resilient BUL FC fires a revenge bullet into Vipers Fresh at Stanbic Uganda Cup, stopping the Venoms Season Double

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency 

    New Precedence: King Saha, Lawyer Erias Lukwago threaten to Contest any form of Online-Based Voting for UMA Presidency

  • Lifestyle
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    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    NWSC Improves Apac Water Supply with over 150 Kms of Main Extensions to Cover 60% of the Quantity Projected 

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Expert adds Scientific Angle to NCS’s Witchcraft Scandal without Dismissing the Vice as a Big Pass time for Africans

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air 

    Covid-Funds-Theft Records: Top Health Ministry Officials Stuck with UGX52Bn Loot as Districts Jam to Account for Air

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery 

    National Water and Sewerage Corporation Technical Staff’ Skills Enhanced for Better Service Delivery

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    The Story: How Nabilah’s Sobbing Husband Ssempala Left a Hole into which Barya Slipped and Filled

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events 

    U`re Hypocrites: Ugandan Socialite Zaituni Kirigwajjo aka Zari Freezes her Appearances on all Uganda Events

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
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  • Opinions
    UNBS closes Sunshare factory over failure to comply with Standards

    UNBS closes Sunshare factory over failure to comply with Standards

    UG Pineapple at B&W

    It was Blankets and Pineapple Waragi as SA’s Distruction Boys entertain Kampala

    To Connect the Unconnected with Innovations towards Inclusive Growth

    To Connect the Unconnected with Innovations towards Inclusive Growth

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

  • 2021 Uganda Elections
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The Untold CBL Records II: Unveiling the grave criminal charges lined up against tycoon Sudhir by the Central Bank

"Oh yeah, Mr. Investigator, we are working around the clock to have the ends of Justice served in this Cranegate saga” our source intimated to this writer.

August 26, 2021
inCrime, crime New, Crime news, Featured
The Untold CBL Records II: Unveiling the grave criminal charges lined up against tycoon Sudhir by the Central Bank

No longer at ease (Courtesy Photo)

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KAMPALA, Uganda: Following up on our patriotic campaign to reveal all the dirt that is there to divulge, about the saga that led to the collapse of the Crane Bank Limited (CBL), we dig into how mogul Sudhir Ruparelia’s days of freedom are numbered. This is, but if reports emerging from BOU are to be believed.

We have learned from credible sources privy to one of the forgettable private banks’ loot how the lawyers of the central bank are putting final touches on the investigations into the grave charges that are likely to see the property magnate spending some good days on remand. “Oh yeah, Mr. Investigator, we are working around the clock to have the ends of Justice served in this Cranegate saga” our source intimated to this writer.

They have asked us not to divulge their names or identities because they aren’t permitted to talk to the press and for the fear that the suspects could try to compromise what they are working on or give away vital evidence before the right time.

The investigators do not want at this juncture to say if the central bank is going to prosecute the case by itself or it is going to hand over the evidence to the DPP to prosecute the case on their (regulator’s) behalf. All the same, they remain alert to the fact that the DPP could end up demanding for the prosecution of the case but with the ill-motive of helping Sudhir to terminate it.

“We shall cross the bridge when we get there. We are in the meantime concentrating all our efforts on the investigations and trying to find whatever exhibits that is required for the successful prosecution of the case at hand,” they submit.

On the other hand, we understand moreover, how Sudhir could have been arraigned in the dock by now, but his powerful brokers both within government and State House, have been fighting for him while beseeching the powers that be to save their benefactor.

We even know how the president had waved on the prosecution of Sudhir. But the First Citizen was advised to delay the arraignment in order to give the investigators working on this matter, ample time to weave a watertight case against the businessman boasting of dozens of finer lawyers.

Sudhir, if at all he is finally arraigned, will not be the first proprietor of an ill-fated financial institution to face the music. He will be joining the hall of infamy that has such names as Dr Suleiman Kiggundu, the former Central Bank Governor as well as owner of the defunct Greenland Bank. We promised as well, to drop the serious criminal charges the investigators are likely to bring up against Sudhir and here we go:

Pillage

The charges spring from colossal sums of money which the investigators say Sudhir stealthily kept removing from the bank he called his. They put the figure at a staggering four hundred billion Uganda shillings. By good luck, the tycoon has since the collapse of Crane Bank admitted extracting money from his own bank.

And more importantly, he went ahead and refunded a total of USD8M out of the loot. Problem though, the businessman has since backtracked from honoring the agreement. He argues that he can’t fill up the huge hole he himself dug into the coffers of the bank he called his.

And he avows that the Central Bank is to blame for his obstinate default. He argues how the regulator itself frustrated the agreement he himself helped to write by allegedly going public about the whole affair yet it was supposed to be a secret between the parties to it.

Well, the bulky entrepreneur is thought to have pulled off the enormous robbery by, among others, using proxies such as Sapphire. Sapphire is a phony company which was cleverly fronted- in the negative sense that is- to appear as if it was one of the genuine shareholders of Crane Bank.

Kantaria is the other so-called phony shareholder of the defunct bank but who was clothed in a fox’s garments to deceive the regulator he was actually one of its genuine shareholders. This one is believed to be a professional banker and a resident of Nairobi- Kenya.

After creating the fake shareholders, Sudhir is said to have given instructions to his workers at the defunct bank to keep paying out dividends to the supposed shareholders. But which money was in actual sense going into the measureless pockets of the man himself.

The list of the charges is long. We are pausing the tale for now to allow you time to digest what we have written so far. Before us is the frigid, detailed yet hitherto much protected 53-page forensic report, compiled by the much respected audit Firm, Price Water. This is which, will henceforth be our main source on matters to do with our ‘Untold CBL Records’ series going forward. Watch this space…

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