By Our Reporter
NATIONAL
Post Bank Uganda has confirmed that some staff members at Mbale Branch have been arrested in connection with Shs500M counterfeit currency discovered at the Branch.
According to a statement issued today, Friday, 29th November, 2024, Post Bank says preliminary investigations confirm that there was collusion of the Bank’s custodians of cash.
It further says that the implicated staff have been arrested by police and those who failed in their duty to identify/stop the scam have been suspended until investigations are over.
Post Bank insists this was an isolated incident and assures customers that current transactions are safe because the Bank has put in place, “all the required resources and technology to detect counterfeit.”
This incident came to light early this week when a customer was apprehended with fake Shs50,000 notes. Upon questioning, the customer revealed that the money had been withdrawn directly from the Post Bank Mbale branch.
Government-owned Post Bank Uganda later acknowledged a serious “incident” at its Mbale branch involving over Shs 500 million in counterfeit currency discovered in the bank’s vault.
The incident has raised concerns about internal controls within the institution, especially since the bank primarily serves public servants who receive their salaries through its branches across the country.
