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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!

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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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    We Told You: Juliana Kanyomozi, a Conduit of Cold War between Swangz and Fenon Events Confirms her Return to Stage 

    We Told You: Juliana Kanyomozi, a Conduit of Cold War between Swangz and Fenon Events Confirms her Return to Stage

    Isaac Rucci: Minister Among has a Sinister Agenda to Gag UMA Elections just to Avert the Bobi Wine Factor in the Industry

    Isaac Rucci: Minister Among has a Sinister Agenda to Gag UMA Elections just to Avert the Bobi Wine Factor in the Industry

    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

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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 

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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

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  • 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!

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    • Trump Inauguration
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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
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    We Told You: Juliana Kanyomozi, a Conduit of Cold War between Swangz and Fenon Events Confirms her Return to Stage 

    We Told You: Juliana Kanyomozi, a Conduit of Cold War between Swangz and Fenon Events Confirms her Return to Stage

    Isaac Rucci: Minister Among has a Sinister Agenda to Gag UMA Elections just to Avert the Bobi Wine Factor in the Industry

    Isaac Rucci: Minister Among has a Sinister Agenda to Gag UMA Elections just to Avert the Bobi Wine Factor in the Industry

    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

  • Lifestyle
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    • Food
    • Health
    • Travel
    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
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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

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    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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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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