Stanbic Bank Uganda is in turmoil as its officials find themselves at the center of a major international fraud scandal.
The Standard has learnt that the Directorate of Public Prosecutions (DPP) has sanctioned files for the immediate arrest and prosecution of the Bank’s officials suspected to be part of a racquet that facilitated the illicit transfer of nearly $1 million (about UGX 3.8 billion) in a scheme linked to a fraudulent gold deal that left American investor Robert Tunner impoverished.
A highly placed source within the investigation team described the situation as a “squeaky-bum time” at Stanbic Bank, with officials scrambling to explain how such a large sum of money was moved without following due procedure.
“Transactions of this scale require stringent oversight from both the bank and the Financial Intelligence Authority (FIA), yet in this case, anti-money laundering protocols were blatantly ignored. The government, determined to uncover the motivations behind this breach, has engaged the DPP, the Financial Intelligence Authority (FIA) and the Mineral Police at Naguru Headquarters, to track down those responsible,” our inspector said.
Investigators also believe some Stanbic bank officials may have received a generous “token of appreciation” from the fraudsters in exchange for looking the other way.
A Well-Orchestrated Scam
Robert Tunner, an American businessman with interests in the precious minerals trade, arrived in Uganda late last year, eager to finalize what seemed to be a lucrative gold transaction. Acting on referrals, he was introduced to individuals posing as legitimate gold dealers based in Kampala.
To establish credibility, the scammers—operating under a fictitious mining company—presented what appeared to be authentic gold bars and even staged a verification process at a local refinery.
The deal involved purchasing 50 kilograms of gold, valued at over $2.5 million. Tunner, convinced of the transaction’s legitimacy, transferred an initial deposit of over $800,000 into Stanbic Bank accounts linked to Maxim Advocates, a law firm owned by Uganda Law Society President Isaac Kimaze Ssemakadde and Sheila Namahe.
The scammers reassured him that the gold would be delivered to an agreed international destination.
Then came the delays—regulatory issues, customs hold-ups, last-minute taxation fees. Weeks turned into months before Tunner finally realized he had been duped.
Desperate for justice, Tunner reported the fraud to Ugandan authorities, sparking an intense investigation by the Criminal Investigations Directorate (CID).
Initial findings pointed to a sophisticated syndicate targeting foreign investors, with links to top security officials. While these allegations remain unverified, they paint a troubling picture of a deeply entrenched network of fraud.
Raids were swiftly conducted at Greenwave Ltd, an office in the upscale Kampala suburb of Muyenga, linked to a one Alexander, the son of a wealthy farmer based in Northern Uganda.
The Standard further learnt that Authorities apprehended multiple individuals, from office staff to security personnel, detaining them at Kabalagala Police Station for questioning.
However, when contacted for comment, Isaac Ssemakadde denied any direct involvement with Tunner. “I don’t know him, and he doesn’t know me. We’ve never met or done business together. I acted on behalf of my client, not Tunner. If he has issues, he should take them up with my client. I have no contract with him,” he stated. When pressed on whether Tunner’s name appeared in transaction records or if he had verified the purpose of the funds, Ssemakadde grew defensive, threatening legal action against any media outlet that published the story.
Stanbic Bank’s Deafening Silence
Despite multiple attempts to seek clarification from Stanbic Bank about the matter, their known contact numbers remained unanswered.
Tunner’s ordeal is yet another cautionary tale in Uganda’s volatile mineral sector, where foreign investors are increasingly falling prey to sophisticated scams. Authorities and industry experts urge due diligence, proper legal representation, and thorough background checks before engaging in gold transactions. The Uganda Police Force and the Ministry of Energy and Mineral Development continue to warn investors to verify deals through the Uganda Gold Exporters Association (UGEA) to avoid similar misfortunes.
A Pattern of Fraud
This is not the first time Stanbic Bank has been linked to fraudulent transactions. In 2023, the bank was implicated in the Nile Energy heist, where $1.8 million was siphoned through forged documents and transferred to shell companies like Petrom Ltd and Famane Investments. Several bank employees, including branch managers Moses Ayusiga (Garden City Branch) and David Ssekito (Freedom City Branch), were charged with money laundering.
A year later, in 2024, another international investor, Canadian businessman Clifford Potter, lost $1.7 million in a fake gold deal with Stephen Bairukanga. Funds were deposited into Stanbic and Equity Bank accounts before being swiftly withdrawn.
Lawyers accused both banks of gross negligence for failing to flag suspicious transactions. Police investigations suggested possible collusion between bank staff and the fraudsters, mirroring the Tunner case.
Gold-related fraud in Uganda continues to flourish, often involving high-profile lawyers and individuals claiming to fight corruption while allegedly enabling these schemes.
The pattern is clear, but will the authorities finally take decisive action?
Or will Stanbic Bank’s latest scandal fade into yet another unsolved chapter in Uganda’s financial fraud epidemic?
If you or someone you know has fallen victim to a similar fraud scheme, you can share your story by emailing thestandard256@gmail.com or contacting +256750474440. Your testimony could help expose the truth and bring those responsible to justice.
