Seven Remanded for Alleged Shs 620 Million Forex Bureau Heist

Seven young men have been sent to Luzira Prison after being charged with the aggravated robbery of Shs 620 million from an economic exchange forex bureau operator in Kampala. The suspects, who range in age from 18 to 30, appeared before Senior Principal Magistrate Grade One Winnie Nankya Jatiko at the Buganda Road Chief Magistrate’s court.

Their plea was not taken as the offense is capital and falls under the jurisdiction of the High Court. The prosecution alleges that on March 26, 2026, the group, armed with pangas, robbed Gisma Zulaika Hussein of a backpack containing the substantial sum of money near the Centenary Bank’s Nkrumah Road branch.

Those remanded include Ashiraf Mulindwa, Akid Khalid, Muhammed Kayiira, Tamim Kawaganya, Ivan Ongom, Ismail Maso Kasozi, and Ivan Gizamba. Investigations into the matter are ongoing, and the court has adjourned the case to June 15, 2026, for mention.

This incident highlights a concerning trend of financial crimes being prosecuted in the Buganda Road Chief Magistrates court. In recent months, the court has handled several high-profile cases involving large sums of money, including an alleged Shs 6 billion electronic fraud from Finance Trust Bank and an attempted Shs 725 million fraudulent withdrawal from Stanbic Bank.

Further cases include a boda boda rider remanded for defrauding Centenary Bank of Shs 332 million through impersonation and electronic fraud, and six individuals charged in October 2024 for the theft of Shs 1 billion from a Centenary Bank branch. The prosecution details how funds were allegedly routed through various accounts and forex bureaus.

These cases underscore escalating concerns regarding financial security and the sophistication of criminal activities within the banking and forex sectors in Uganda.

Source: The Observer (Uganda)