Details on how former DFCU Worker, Faisal Bahati forged signatures and withdrew over Shs130million from three different bank accounts of Nyakasura Alumni Association have emerged.
Faisal Bahati who is also the treasurer and a signatory to the bank accounts of Nyakasura Alumni Association forged signatures of his two colleagues and withdrew money from three different bank accounts.
Bahati withdrew Shs30million from Centenary bank account, Shs5.1million from Equity bank account and Shs98million from DFCU bank account.
The stolen money was raised by old students of Nyakasura to undertake several projects that would foster service delivery at the school.
The Chairman of Nyakasura Alumni Renovations Committee, David Kihumuro has revealed that Bahati connived with other staff members of the bank to commit this fraud.
“It is also important to note that strict control measures had been put in place – for example, no one signatory could access the funds without the three signatures,” explained Kihumuro before adding that; “One could also not withdraw money above a certain threshold without bank managerial approval.
“Bahati managed to forge signatures of the other 2 signatories and connived with staff in the banks to steal the alumni’s funds.
“He also managed to withdraw large sums of money above the internally bank mandated limits. All slips with forged signatures have been proved to be forged by authority forensics.”
Bahati was later fired from the bank with two other friends who are; Philbert Aijuka and Saidi Ddamulira
Bahati was arrested on Friday 01, February, 2019 and is currently at Wandegeya Police station.
He recorded a statement confirming that he took the funds unscrupulously.
Kampala Metropolitan Police deputy spokesperson, Luke Owoyesigyire, confirmed that the suspect forged signatures of his colleagues and used them to withdraw the money while he was still working in DFCU Bank and also after he had been sacked from the same bank.
“We have already started investigations and we are trying to trace for the stolen money. We highly suspect that he was not working alone in this scam,” Owoyesigyire said.
Banks Faulted
Members of Nyakasura Alumni Association have faulted the banks because the failed to protect the money on the accounts.
The Chairman of Nyakasura Alumni Renovations Committee, David Kihumuro explained that; “We notified the banks on 31st of January 2019, about missing funds.
“The Banks did retrieve some documentation that indicate that signatures were forged. It would also appear like thresholds limits were surpassed that required the bank Supervisors/Managers to authorize before funds were withdrawn.
“This indicates a flouting of internal controls within the bank and connivance with internal bank staff to defraud the account. Clearly the funds were lost under the Banks care by their own staff.”
“The Banks have verbally indicated that they will be conducting further investigations to establish how the funds left the accounts and that they would be refunded as soon as this process is over.
“However, we have not received this confirmation in writing as yet. To date, the funds have not yet been deposited on the account as promised. “
“We were also informed that Bahati was dismissed from the DFCU bank in November last year. Notice of his dismissal was only published in the press on 7/02/2019.”
Purpose of stolen funds
In 2017, the Nyakasura School Alumni Association embarked on a fundraising drive targeted at various innovation projects at the School. A lot of people contributed generously and a Shs165million realized in cash and pledges.
Since then, the School embarked on a number of key projects and other solicitation initiatives.
Notable ones include:
• Renovation of the water Hydram pump; the pump house and laying of new water pipes. The school currently has access to safe and clean piped water
• Completed the renovation of Balya House
• Embarked on landscaping activities i.e. planting of flowers and trees
• Held several corporate social responsibility activities
• Hosted a Damali Old Girls fundraising tea event
• Invited Gen. Salim Saleh of Operation Wealth Creation to officially open the Hydram Water pump & took him on tour of the other School projects which he pledged to support.
