Arrested in Uganda is a former Equity executive connected to bank fraud

Kenneth Onyango, the former Executive Director for Commercial Banking at Equity Bank Uganda, has been taken into custody by Ugandan authorities in relation to continuing inquiries into purported stock loans and agency float funding fraud.

Late on Thursday, sources informed the Daily Monitor that Mr. Onyango was placed under arrest per directive from the Directorate of Public Prosecutions (DPP).

“He is being looked into in relation to that fraud case.” Indeed, he is being held by the police. The next course of action will be guided by the DPP, a source told Monitor.

Onyango, who allegedly quit from the bank last month, was seen in handcuffs in photos that went viral on social media on Thursday night.

According to reports, Equity accepted his resignation with “immediate effect,” contingent on the findings of the by-then-initiated investigations.