When the DFCU Bank took over the management of Crane Bank, the former had borrowed out monies to various individuals amounting to over sh600b.
However, the top officials in BoU and DFCU had hatched a plan to write off the debt purporting that it was a bad debt! Their plan however, was to secretly sell off the securities where the DFCU top officials would pocket 20% and those from BoU bag 80% of the loot.
However, these top officials plans cannot be executed now that BoU dragged the proprietor of the defunct Crane Bank to Court reportedly wanting to recover over $92m from the Ruparelia Group of Companies Chairman (Sudhir) which he allegedly got from fraudulent transactions!
It has always been BoU's tactic to fail various banks and snatch their lent money in for of loans by writing them off as bad debts and later sell off the securities secretly.
Most media houses have failed to bring out the fact that Crane Bank was affected by too many loans it had given out many of which were non performing loans!
If you know of anyone who got a loan from Crane Bank and put their title as security, better tell them keep their ears to the ground before the greedy BoU officials led by Justine Bagyenda grab their property!
We are watching these top officials' every step they are taking!
Watch this space!!
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