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Police in the Elgon Region has widened investigations at Post Bank Mbale Branch over counterfeit cash amounting to Shs500m discovered in the vault causing panic among customers and bank staff.
According to the Elgon Region Police Spokesperson Rogers Taitika, police has widened the probe and some staff have since been arrested to aid in the investigations. Among the key staff involved is the former manager of the branch who was arrested and remanded in connection to the incident.
A police detective privy to the probe who spoke to monitor on condition of anonymity revealed that preliminary investigations show that a syndicate involving several bank personnel was behind the counterfeit cash.
Post Bank’s Head of Marketing and Communications Ms Priscilla Akora revealed that the bank has also joined in the investigations by handing some staff to police.
“As per bank procedure, we handed over some of our officers to aid with the investigations. This is a normal procedure when such an incident occurs and should not cause any alarm”-says Akora
It’s also reported that the former operations manager who is currently in jail handed over office to his successor on October 28th 2024 and told him that there was money worth Shs500m in the vault. The new operations manager has also since been fired as the bank struggles to come clean on the incident.
The counterfeit was discovered on 11th November just exactly two weeks when the former manager handed over office. Staff who spoke on condition of anonymity revealed that one of their colleague went to the vault to bring some cash, brought it to the counter only for the money’s authenticity to be questioned, these were in Shs50,000 notes.
The counterfeit cash incident at the Mbale Branch exposes a wider range of issues that the Julius Kakeeto team as the Managing Director is grappling with at the moment. Business people have always believed Banks offer genuine cash notes but with the discovery of fake cash in post bank, this calls for more vigilance to avoid losses.
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