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Fraud

Terrorism-linked DTB Bank loses case ordered to refund 130 billion shillings

Diamond Trust Bank Group CEO Ms Nasim Devji

Diamond Trust Bank (DTB) group has been ordered to pay Ugx 120Billion (Sh3.5 billion) and an additional interest of 8% (Sh282 million) to Ham Enterprises after losing the fraudcase.

In January 2020, Ham Enterprises sued Diamond Trust Bank Uganda and Kenya for fraudulently debiting over Sh3.5 billion from their Shillings and Dollar accounts over a spread period of about 10 years.

DTB responded by demanding Sh1.1 Billion and asking the court to impose regulation 13 which requires that anyone challenging a Bank must deposit 30% of the disputed amount in court. Ham Enterprises successfully challenged the constitutionality of the regulation.

Analyst praise the ruling calling it a landmark victory towards cleaning Uganda’s Banking Industry which needs serious reforms.

In today’s ruling the honorable court has ordered Diamond Trust Bank to pay all monies that were illegally debited from Ham Enterprises U Ltd accounts including penalties and return of all the land titles that the bank has been holding that belongs to Ham Enterprises U Ltd.

The Case was filed at the commercial division of the High Court of Uganda and the presiding judge was Henry Peter Adonyo.

Analysts say that the case is a very positive one and is successful towards eliminating the rampant exploitation of Ugandans by Banks through illegal activities that had been previously backed by Section 13 of the Mortgage Act.

The case elicited a lot of public interest and will forever change Uganda’s banking industry.

Read

1/

Staff set to testify in the multi-billion shillings fraud case against DTB Bank

2/

Terrorism-linked DTB Bank CEO to testify over ‘100 billion’ illegal withdrawal’s case in Uganda

3/

Clients flee DTB Bank after exposé


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