Seven Finance Ministry Bosses Arrested Over Missing $16 Million from Bank of Uganda

The Criminal Investigations Directorate (CID) of Uganda has arrested seven individuals from the Ministry of Finance and Bank of Uganda following a three-month investigation into the disappearance of USD 16 million (approximately UGX 60 billion) from the Bank of Uganda's coffers.

The CID launched an investigation in November 2024 after reports emerged of the missing funds. The investigation revealed that the money was fraudulently transferred to foreign banks in Japan and the United Kingdom. The seven individuals arrested include high-ranking officials from both the Ministry of Finance and the Bank of Uganda.

The Auditor General's forensic audit report, which was sent to the CID, highlighted significant irregularities and criminal activities related to the missing funds. The report was presented to Parliament and subsequently forwarded to the CID for further investigation.

The arrests have been met with widespread approval from the public, with a majority calling for swift justice and accountability. The Bank of Uganda has been under scrutiny for its handling of the situation, and the arrests are seen as a step towards restoring public trust in the institution.

The CID's actions demonstrate a commitment to addressing financial crimes and ensuring that those responsible are held accountable. The ongoing investigation will be closely watched by the public and stakeholders, as it has significant implications for the integrity of Uganda's financial institutions.