The Dfcu UGX10Bn Scam: Mukesh Rejects to Be Charged Double as We Ponder on Whether Crane Bank Directors Chewed the Said Recovery

Businessman Shukla Mukesh of Shumuk Enterprises is involved in one of the biggest court fights of his lifetime, to stop Dfcu from charging him double for one and the same loan he settled already! Justice Stephen, Head of the Commercial Division of the High Court, is expected to resolve the case on December 15. Crane Bank sold off Shukla’s sizeable piece of land currently holding Senana Supermarket,along Buganda Road for, and over the same loan Dfcu wants him to pay double.

Frida Nabirongo purchased the land in issue, erecting there the building where Senana Super market stands now. Many years later, Dfcu went back to Mukesh, resurrecting the same issue that the businessman and Crane Bank had resolved already and therefore, completely put to rest.

As Mukesh was still trying to figure out what exactly was going on, Dfcu rushed and advertised for auction, all his companies and prime pieces of land, using the same impugned loan as an excuse and as a basis for the said disputed auction. It’s that point in time that Mukesh moved to court in order to stop Dfcu from scamming him.

It’s not clear whether, or not, the proceeds of auction of Mukesh’s land by Crane Bank was recorded by the defunct Bank managers as being the full and final settlement for the loan which the latter day Dfcu is again trying to recover from Mukesh. But even if the defunct Crane Bank itself did not record the proceeds of the sale as the last and final settlement of Mukesh’s loan, the right and reasonable thing for Dfcu to do would have been to ask for indemnity from Bank of Uganda and not to harass and hound Mukesh.

That would be the right course of action to take since it’s Bank of Uganda which assigned to Dfcu the same impugned loan, upon buying Crane Bank without any knowledge of Mukesh whatsoever, that the money realized from sale of his land had not been allegedly banked with Crane Bank or whatever the case could be. If Crane Bank Directors received the money and pocketed them, this won’t be news to us in these pages. But let that be for another story.

Mukesh produced a document to court and said it was a confirmation from Crane Bank that the debt had been settled. But Dfcu still insists he must clear the loan since it remains unpaid todate, and after it inherited it from Crane Bank. Now all eyes and ears are on Justice Mubiru to see and hear how he is going to decide this case and in whose favor and not, come December 15. We shall be there, of course, Inshallah, to record whatever will be going on and post it here on the Bulletin Media website for your consumption and information.

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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]