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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

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    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

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    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

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    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

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    Digital Technologies Could Help Uganda’s Economy Recover Faster

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    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

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    UNBS closes Sunshare factory over failure to comply with Standards

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    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

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    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

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    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

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    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

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    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

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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

    Cindy Sanyu

    Cindy Sanyu to headline Eastern Megafest

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    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    My View of a Disguised Coup: Celebrated Rebel Museveni Uses Slightly Amended Cabinet List to Carry Out Palace Overthrow Against Himself, Muhoozi

    Deal: Over 50,000 Housing Units to be supplied as NWSC and NHCC Sign Water Partnership MOU

    From Streams to Screens: Here Unveiling the IT and Digital Transformation of Uganda`s National Water and Sewerage Corporation Corp

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Stealing A Glance at Balokole Polls: Pastor Kyazze Takes Early Lead as Bisiyaga Assumes the Center Stage at The Election of New Leadership Today

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Fake Blackmail: Let Ham Deliver Nakivubo Stadia instead of Labeling Bond Okello, Audrine Nsubuga Unpatriotic

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    Heroine! Presidency Minister Milly Babalanda Saves Kyabazinga from Physical Assault at the Canada Busoga Symposium

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    All Royal: HRH Kamuswaga Concludes His Official Trip to California with Lots of Investors` Attraction to Kooki Kingdom

    Trending Tags

    • Trump Inauguration
    • United Stated
    • White House
    • Market Stories
    • Election Results
  • Tech
    • All
    • Apps
    • Gadget
    • Mobile
    • Startup
    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Digital Technologies Could Help Uganda’s Economy Recover Faster

    Liquid Telecom to host first cloud event of its kind in Uganda

    Liquid Telecom to host first cloud event of its kind in Uganda

    TECNO Mobile Uganda Skills Graduates Through Its Graduate Trainee Program

    TECNO mobile Uganda skills graduates through its graduate trainee program

    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

    Trending Tags

    • Nintendo Switch
    • CES 2017
    • Playstation 4 Pro
    • Mark Zuckerberg
  • Entertainment
    • All
    • Gaming
    • Movie
    • Music
    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    From Procrastination to Graduation: The Pumpy, Yet Inspiring Academic Voyage of Robert Ssentamu Kyagulanyi, The National Unity Platform Principal

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    A Shaky Comeback: Out-of-Favor Singer Ronald Mayinja Tests Fans’ Moods with a Concert Poised to End His Musical Sabbatical Come Women`s Day at Serena

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    All Smiles for and Of Joy: The Groundless Beauty is in Realizing that Sometimes Real Superheroes Live in the Hearts of Small Children Fighting Big Battles

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Arsenal’s Quest for Premier League Glory: A Balancing Act of Triumph and Concern as the Two wins against Brentford and Wolves Catapults them to the EPL Summit

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

    Together for a National Cause: Tourism Minister Martin Bahinduka and Miss Uganda Beauty Queens Unite for a Charitable Safari Adventure

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    Here is to the Secure Water Future: Rather than Simply Reacting to Challenges, NWSC is taking a Deliberate Approach to Sustainable Management

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    A Nation on Edge: Unpaid Water Bills Prompt No Mercy as Police and Prison Services Are Cut-off NWSC Taps Over UGX43.3Bn Unpaid Flow

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Tribute to Fred Enanga: A True Friend and Leader Who`s Personality Is Marked by a Cool-headed and Respectful Approach To Even the Most Contentious Issues

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    Euros 165m Grant: NWSC Secures French Agency’s Funding with Focus on Expansion of Water and Sanitation Infrastructure in Newly Designated cities

    African Water & Sanitation Academy Receive Breakthrough as National Water and Partners Roll out Partner Africa- Project

    FIRED UP: G77+China and NAM Summits Lauds NWSC As ED Mugisha Calls on a Course to Professional Action Through the Utility Engineering Community

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Cecilia Barbara Atim Ogwal: The Beauty Queen, Banker, Wife, Mother, Businesswoman, Consultant, Legislator, Advocate and a Politician That Logged Out at 77 Amid G-77

    Trending Tags

    • Golden Globes
    • Game of Thrones
    • MotoGP 2017
    • eSports
    • Fashion Week
  • 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

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Crane Bank Fraud: BOU in a state of Bother over Missing Dimes in Debts Collected by Sudhir on Behalf of his Defunct Bank!

June 1, 2022
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Crane Bank Fraud: BOU in a state of Bother over Missing Dimes in Debts Collected by Sudhir on Behalf of his Defunct Bank!

Sudhir Ruparelia and Crane Bank (Courtesy Call)

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Bank of Uganda is most likely in huge problems following reports that businessman Sudhir Ruparelia could have picked billions of monies from borrowers of Crane Bank and diverted it. Sudhir is believed to have, after realizing that Crane Bank was dying off, collected billions from debtors, which he went on and kept for himself.

On Sunday, this investigative website dropped the story about the supposed missing USD10M which, businessman Patrick Bitature had paid in settlement of his debts with Crane bank. According to our investigations, someone is believed to have pocketed this particular money instead of paying it back to Crane Bank. We hold this stance, since the DFCU bank which purchased Crane Bank, is known again, to be pursuing Bitature in courts over the same debt!

Following our expose, a number of people and companies have contacted us to complain about how they had actually paid off their debts with Crane Bank, but that DFCU is still demanding the same from them! When we got in contact with DFCU sources, they confirmed how they have been experiencing such glitches, but refused to divulge more details, fearing to offend the law which bars litigants from discussing cases before courts.

If it is true that Sudhir or his agents picked money, as it is being alleged, and even diverted it, then Bank of Uganda itself would be understandably, in trouble. This is because it is Bank of Uganda that sold the same debts to DFCU. Problem now is that DFCU cannot realize the debts, for the simple reason that the debtors paid off the same. Yet the same money is neither here nor there.

“What I can tell you is that Bank of Uganda would be liable even if they mistakenly sold air to DFCU as debts,” a senior commercial lawyer confided in us. The lawyer explained to us that since DFCU took over the debts in the mistaken belief that Bank of Uganda`s sale of Crane Bank was actually genuine, for that matter, it is the vendor legally supposed to sort out the purchaser.

The legal brain says that DFCU cannot hold Sudhir liable, for they never bought Crane Bank from Sudhir. The vendor was Central Bank who convinced them how everything about the sale was just and fine. The remedy available to Bank of Uganda, the lawyer states, would be to demand a refund from Sudhir, but after sorting out DFCU. It`s now public knowledge that Sudhir wholly owned Crane Bank via proxies.

This isn’t going to be the first time for Bank of Uganda to find itself in this kind of dilemma involving the man in question. They sold 48 buildings thinking that they were being owned by Crane Bank. Indeed, DFCU bought them along with Crane Bank. It would later emerge that Sudhir had controversially transferred the same buildings to his other company known as Meera. Sudhir did this after realizing that Crane Bank had reached a point of no return to required liquidity levels.

DFCU, thinking that they had made a good purchase, went ahead and occupied both the first floor and seventh floor of Crane Chambers. Sudhir initially let them be. But he later sent a demand notice for outstanding rent amounting to big monies in dollars! The purchasers of Crane Bank wrote bank to Sudhir telling him how Bank of Uganda had sold Crane Bank complete with the buildings which used to house her branches.

The shrewd, unbothered businessman wrote back asking DFCU to pay or pack up and leave the facilities for other tenants with dimes! DFCU snubbed the notice, Sudhir went to court. DFCU would later realize the bitter fact that Bank of Uganda had actually sold air to them. The buyer has since written to the Central Bank asking for billions in buildings over which, they scorched money under the mistaken belief that they were actually making a good purchase. 

What we are yet to confirm is whether Bank of Uganda finally compensated DFCU or not. 

Author Profile

Stephen Kasozi Muwambi
Stephen Kasozi Muwambi
Mr. Stephen Kasozi Muwambi is a seasoned crime investigative writer, majoring in judicial-based stories. His two decades’ experience as a senior investigative journalist has made him one of the best to reckon on in Uganda. He can also be reached via [email protected]
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