Murder of Crane Bank auditor
Now things have started unfolding The Drone Media is in position to add its voice. Before you go to the alleged Crane Murders, we shall throw to the public another murder case which went quietly.
This is the murder of Manesh, this was a homosexual, who was always used by rich Indians. He was always at Rock Gardens and he reportedly died of poison at Tourist Hotel, Nakasero, Kampala. Mbu, this man started revealing her/his sexual secretes and was put out of action!
This case never saw the light of the day and no police man said anything.
Today, the Indian Community is up in arm to roast their man over various murders.
It is believed that Sudhir Ruparelia’s auditor who reported the fraudulent dealings of his boss, was murdered. The Indian Community are petitioning President Yoweri Museveni.
Over the murdered of the Crane Bank Auditor’s Family, the Indians in Uganda want Sudhir Ruparelia be investigated.
Some wealthy and influential members of the Indian Community are petitioning the Ambassador of India to Uganda Shri Ravi Shankar to expedite investigations into the works of Sudhir Ruparelia following the mysterious death of one of their members identified as Baskarani.
Baskarani, who is survived by two children and a widow, was employed by The Ruparelia family (Sheenah, Joystna, Rajiv) as the head of Internal Audit of Crane Bank.
He was among the finest auditors Uganda’s banking industry had ever seen. However, Baskarani reached a time when his ‘conscience’ could not stomach Sudhir’s fraudulent activities.
Baskarani for example discovered that Sudhir was involved in falsification of records to defraud customers and hoodwink the regulator (Bank of Uganda).
The false accounting was partly achieved by crediting income with entries from off-book accrued interest receivables accounts and by keeping some liabilities (fixed deposits and borrowings from other financial institutions) off the books.
For example, Sudhir made sure the profits of Crane Bank in 2009 were overstated by at least Shs 11B and those in 2012 by at least Shs 18B consequently overstating the retained earnings. This was achieved by crediting income with entries from the off-book assets.
These two years are significant as they are the years whose profits supported the issuance of two of the biggest bonus share issues (UGX 50B in 2010 and UGX 110B in 2013).
Baskarani watched in shock as Sudhir engineered, supervised, endorsed and rewarded this creative accounting.
At the same time, the off book liabilities were brought back into the books in 2013 and a fictitious asset recognised by overstating the balances in the Nostro Account.
Due to this entry in the Nostro Account, as at 31 December 2013, there was a difference of USD 80m or UGX 200B between the system and actual balance in one of the Nostro Accounts; the Deutsche Bank USD account.
Later on, as a way of concealing the variance in the Nostro account, a total of USD 74.3M (UGX 188.3B) was ‘used’ to pay for fraudulently invoiced fictitious construction expenses in January 2014.
These effectively transferred the non-existent balance in the Nostro account to apparent investments in Property and Equipment in 2014.
The fictitious construction costs were ‘paid’ to two shadowy companies; Interdico (U) Limited (“Interdico”) and A1 Construction Limited (“A1”), with the bulk of this, USD 64.2 M (UGX 167B), paid to Interdico. Realising he would also be arrested for fraud, Baskarani prepared a dossier which he shared with authorities.
Somehow, Sudhir was tipped. And the next day, Baskarani was found dead in his apartment. Indians living in Uganda want Ambassador Shri Ravi Shankar to help in investigations with the view of finding closure to Baskarani’s case as Sudhir is so powerful. The case was reported at Kiira Police Station.
Wait for another bigger story: The story of Crane Bank MD Kalan – the days before he escaped from Uganda and how Sudhir was after his life.