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    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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    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

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    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

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    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

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    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

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

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    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

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Of Daily Monitor’s 30th Well-Earned Birth Bazaar And the Tough Scribes That Have kept M7`s Sleep in Constant Check

    Stephen Kissa the Pace-setter

    Stephen Kissa: Unveiling the Country’s Pace-maker who set Ace Cheptegei`s World Athletics` Gold and Bronze Medals

    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
    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    A Day in Life: UEFA’s Aleksandra Ceferino’s ‘Pass Time’ Visit to The Aliguma offered a Real-Life Time Opportunity to Repackage Uganda’s Football; But it didn’t!

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Cry My Beloved Country: How Patriotic Brenda Nanyonjo is Staking Her All to Keep the Miss Uganda Brand Afloat as Government Shamelessly Gaze On

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    Have This Instead: Remorseful Sevo Gives Land as Compensation to Boxing Body for their Fallen Zebra ‘Mando’ Senyange, Murdered by Security

    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

    BAD NEWS: Veteran Singer Halima Namakula and her National Promoters Associations Set to Kill the Entertainment Industry with their new Permit Ultimatum

    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    Boxing Big Envelope: Making Sense of the Enormous Envelope Received by Uganda Boxing Federation President Moses Muhangi

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

    What a Wasted Investment in the 59-Day Lasted Vipers` Coach Roberto Luiz who Registered only 0 Wins against a Heavily Lavish Vipers Squad!

  • Lifestyle
    • All
    • Fashion
    • Food
    • Health
    • Travel
    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    Is God Thus Far? Muslim Mother Leaves Behind Her Kids to go for Overnight Prayers but Forgets to Pray For them. Two Suffocate to Death

    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

    NWSC Milestone: Parombo Water Supply Operations Gets Power Upgrade that Migrates from Generators to Hydro Power 

    Uganda to Host the Next African Water Association Congress and Exhibition as NWSC MD DR. Eng. Silver Mugisha wins Second Presidential Term

    Thursday With Joan Bonny: When the Stranger Becomes your Hero than the People you are Familiar with, Know Better

    Thursday with Joan Atuhwera: The Pressure from Society for Young men and Women to get Married is Extremely Needless

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

    Work in Progress: NWSC Starts Water Supply Extension to the East African Crude Oil Pipeline (EACOP) Sites in Sembabule

    World Pangolin Day: Let’s Do Something and Quickly or The Pangolin Could Go Extinct Before Most People Realize It Exists

    World Pangolin Day: Let’s Do Something and Quickly or The Pangolin Could Go Extinct Before Most People Realize It Exists

    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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  • Interviews
  • CIP Records
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Mafioso Works: Shock as it Emerges Dfcu Was Fooled into Taking Over UGX10bn Fake Crane Bank Liability

October 11, 2022
inBusiness, Crime news, Featured
Mafioso Works: Shock as it Emerges Dfcu Was Fooled into Taking Over UGX10bn Fake Crane Bank Liability

Senana Building along Buganda Road, inset is Frida Nabirongo (Photo: Matooke Republic)

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Crane Bank fraudulent money dealings never stop to spring up much as the financial institution itself is long dead, buried and forgotten. The latest we have is that much as collateral worth UGX10bn has since been sold off by the defunct bank in settlement of the impugned debt, the same appears to have been properly and, also absolutely diverted.

In much simpler terms, the proceeds of the now impugned auction are neither here nor there, to see and feel currently! The collateral in question is where now happens to stand the imposing Senana Building and Supermarket along Buganda road. The same building lies as well just next to one of the roads leading to Nakasero State Lodge. Businessman Mukesh Shukla of Shumuk is the one who originally owned the land now holding Senana Building. After Mukesh had failed to repay the debts he had picked from Crane Bank, the now defunct bank duly attached and sold off the property.

The property was sold and purchased by the owner of the Senana Building and Supermarket whose name we know of as Frida Nabirongo. Surprisingly if not shocking, the lady is known to have picked the money which she would use to purchase the land, from the Crane Bank itself. Some years later, Crane Bank would suffer such a massive money scam. At such a scale that the same would end up inevitably, callously and prematurely sending the once-third rated largest local bank to it’s premature grave. Coming quickly back to the subject of this conversation, Bank of Uganda would itself inevitably end up selling the insolvent bank to Dfcu Bank.

For our interest, Bank of Uganda would present the USD10bn debt to the new purchaser of Crane Bank as one of the recoverables among the liabilities from the now defunct bank. Dfcu has since, nonetheless, learned to it’s shock, that the debt is not only now viably non-receivable. Right! But that also the same has since been somewhat recovered already by the former owners of Crane Bank and the same most probably shared out. This was after the financial institution had advertised almost all Mukesh’s entire business empire in it’s entirety, to try to recover the debt. 

But only for the supposed debtor himself  to now secure a court injunction stopping such a process. Mukesh himself asserts how the Kakembo Mugwanya-led private audit inquest into the collapse of Crane Bank, has since absolved him of any liability whatsoever in regards to the impugned debt. After all, the former owners of Crane Bank are known themselves to have sold off Mukesh’ land. And  which, moreover, has since been used by the purchaser to erect the well-known Senana Building.

Subsequently, the land was sold by the former Crane Bank owners to realize Mukesh’s liability. And Mukesh himself has since been officially absolved of any liability in regards to this debt. Yet the same had been passed to Dfcu as among the recoverables from the defunct Crane Bank whereas not. Now where is the proceeds of the now impugned auction duly carried out by the former owners of Crane Bank! Now Dfcu itself cannot recover the funds after Mukesh was absolved of the same! That is the most important and paramount question as at the present times and as in regards this conundrum. Strictly speaking, the struggling taxpayer shouldn’t be called upon to pay through Bank of Uganda for having sold complete air to Dfcu. And this, without asking hard questions to all the known concerned parties to this regrettable occurrence as to where went and as well happened to this apparently missing funds. Thank you and keep following.

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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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