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Tycoon Sudhir Ruparelia in Shs400billion scam- Bank of Uganda

By Edgar Watema


Bank of Uganda investigation department in the mismanagement of crane says its proprietor Sudhir Ruparelia embezzled over Shs400 billion in what was called a highly sophisticated fraudulent transactions.

The central bank also mentioned a number of business men and companies who aided sudhir to carryout the alleged fraud and among the companies, the court linked property Mogul.

According to Central bank, Sudhir operated 4 bank accounts in crane bank purposely to counsel his fraud tendencies and also lied the central bank about the financial status of the crane bank.

Now central bank says that Sudhir and his MERE firm scooped away over $ 9.2million  and over Shs8.2 billion from the bank and so bank of Uganda wants court to force Sudhir to refund back the $9.2 at an interest rate of 12% per Annam and 26% of Shs8.2 billion as well as accounting for what the money would have done if at all it was not embezzled.

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