The government of Uganda has set up new investigations into which city businessman Sudhir Rupaleria is alleged to have taken approximately Shs 340 Billion out of defunct Crane Bank for personal ventures.
Bank of Uganda intends to appeal to the Supreme Court to make a case whether it has powers to sue Sudhir. If the Supreme Court agrees that BOU has the powers to sue Sudhir and Meera Investments, the case will return to the High court and the real case will return.
The real case is about the involvement of Sudhir and Meera Investments in the misappropriation of money and assets from Crane Bank and whether or not they should refund the money and return the assets.
However, it is disturbing that customer’s deposits which were fraudulently diverted into the mushrooming buildings that Sudhir and his family hold under Meera Investments.
After cheating Ugandans of their business savings, working capital, and taxpayers’ money that Bank of Uganda injected into Crane Bank with the aim of preventing a financial crisis that would have resulted in people losing money overnight.
Bank of Uganda paid the depositors as Sudhir looked on.
Sudhir Ruparelia on 20 March 2017 signed a statement and released agreement with Bank of Uganda where he was to pay a sum of USD 60 Million that is approximately 222 Billion Ugshs in a full settlement of claims that B.O.U had against him.
In an effort to turn from criminal to civil, Sudhir immediately paid a deposit of USD 8 Million that is approximately 29.6 Billion Ugshs after signing the agreement and turned around and refused to pay the balance.
Furthermore, the website has learned of demonstrations by the customers to kick off if the money is not refunded.