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PostBank Uganda Investigating Counterfeit Money Incident at Mbale Branch

25 November, 2024
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PostBank Uganda has admitted that there was an incident at its Mbale Branch regarding counterfeit money and that it is being investigated. 


On Monday morning, information circulated that about 500 million shillings of counterfeit currency in 50,000 notes was discovered by a security operation in the Bank’s vault. 

They were led by a bank customer who had been arrested with fake currency notes and on questioning the customer, it was revealed that the notes had just been withdrawn from PostBank Mbale Branch. Post Bank is one of the two banks fully owned by the government of Uganda and it is said that most of the customers are public servants who are paid their salaries through the bank.

In a brief statement, Post Management said they were “aware of an anomaly” that recently occurred at the Mbale Branch and were working with “the relevant authorities to complete the investigation and follow the necessary next steps.” 

The company said that since investigating authorities were handling the matter, the management could not comment further. Reports show that officials at the bank are among those that have been arrested so far.  

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