By Spy Uganda Investigations Desk
Kampala:Stanbic Bank could be in bigger trouble sooner than later, if what’s on our investigations desk is proven beyond reasonable doubt by the responsible lead Agencies handling the matter.
The ongoing investigations into the now-infamous USD 1 million fake gold scam have unearthed even more shocking details. Fresh revelations from the very Stanbic bank documents obtained by TheSpy Uganda reveal jaw-dropping suspicious financial activities involving Abdi Rashid Mohamed—a Somali national but living in Uganda as a a registered refugee, whose billion-dollar transactions at Stanbic Bank are now at the center of a widening probe into suspected money laundering and financial crimes including terror financing. According to our source, Abdi Rashid came to Uganda as a refugee 10 yrs and later started operating a hawala business on communications House in Kampala.
The fraudulent gold transaction, which saw an American national, Robert Turner, allegedly defrauded of USD 1 million by individuals linked to Maxim Advocates, has opened up a Pandora’s box implicating top legal practitioners Sheila Namahe and Isaac Ssemakadde, among others. But perhaps the most shocking twist is the refugee-turned-businessman who has been transacting millions of dollars under the noses of Uganda’s financial regulators.
Read Full Statement Above to See the Companies and their Shareholders Abdi Rashid Mohamed Does Business With
Abdi Rashid Mohamed: Refugee by Status, Billionaire by Transactions
According to bank statements under the armpits of the mighty Spy Uganda, Abdi Rashid Mohamed, who arrived in Uganda a decade ago as a refugee from Somalia, operates multiple accounts at Stanbic Bank Garden City brunch, with transactions totaling in billions of shillings and millions of US dollars. This level of financial activity by someone registered as a refugee has baffled investigators and raised serious concerns within Uganda’s security and financial intelligence circles.
One investigator, speaking to Spy Uganda on condition of anonymity, posed a troubling question: “This man is registered here as a refugee but is making such transactions. Suppose part of this money is funding terrorism? How will Stanbic Bank, where the money passes through, overcome such a big case of international profile?”
The bank statements paint a damning picture. Abdi Rashid Mohamed, through his accounts, has been involved in multiple high-value transactions with various companies, including Maxim Advocates, the law firm linked to Sheila Namahe and Isaac Ssemakadde. According to URSB records, Maxim Advocates is owned by these two, with Ssemakadde also serving as the president of the Uganda Law Society.
The Money Trail: What the Bank Statements Reveal
The bank statements indicate that Abdi Rashid Mohamed transferred large sums of money to and from entities such as Maxim Advocates and other firms whose activities are now under intense scrutiny. Some key highlights from the statements include, transaction dates ranging from early 2022 to late 2023 and amounts transacted in the range of USD hundreds of thousands to millions over a short span.
Branch details trace these transactions primarily through Stanbic Bank branches in Kampala, such as forest mall and Garden City, raising questions about due diligence and regulatory oversight.
It has now been confirmed that a total of USD 840,000 was paid through Maxim Advocates in connection with the gold deal, although the entire transaction was meant to be USD 1 million.
Key Observations:
Maxim Advocates received a total of USD 840,000 through multiple transactions in a short period.
Abdi Rashid, registered as a refugee, was handling transactions in excess of USD 3 million in just a few months.
Most transactions occurred at Stanbic Bank Garden City branch.
Some deposits appear to be linked to Hawala operations, located at Communications House, Kampala.
How It All Began: A Gold Deal Gone Wrong
The scandal dates back to early 2023, when Robert Turner, an American investor, was lured into a deal purportedly involving the sale of high-value gold from Africa. Turner was introduced to key players in Kampala, including representatives from Maxim Advocates, who allegedly vouched for the legitimacy of the deal. Turner reportedly wired USD 840,000 in anticipation of receiving a large consignment of gold, only to realize later that he had been duped.
The Hawala Connection: A Web of Informal Money Transfers
Intelligence reports further link Abdi Rashid Mohamed to a Hawala operation run from Communications House, Kampala, a financial system commonly used for informal money transfers, especially in Middle Eastern, North African, and South Asian countries.
For clarity, a Hawala is an informal method of transferring money without any physical movement of funds. It relies on a network of brokers who honor payments based on trust and codes rather than formal contracts. While Hawala has legitimate uses, it is often exploited for money laundering and terrorism financing because of its anonymity and lack of regulation.
Regulatory Bodies Under Intense Scrutiny
The fact that a registered refugee could maintain such large accounts and conduct billion-shilling transactions undetected has sparked outrage and calls for accountability. Key state agencies like the Financial Intelligence Authority (FIA), Internal Security Organization (ISO), External Security Organization (ESO), Bank of Uganda (BoU), Uganda Police and the Stanbic Bank top management are being accused of gross negligence or complicity.
“Either these agencies slept on their job, or there’s more than meets the eye,” another investigator commented, suggesting systemic failures or possible corruption within Uganda’s financial oversight structures.
The implications of these findings are severe. If the ongoing investigations prove links to money laundering or terror financing, Uganda could find itself in an international spotlight, facing scrutiny from global regulatory bodies like the Financial Action Task Force (FATF). Stanbic Bank, as the financial institution where most of these transactions occurred, risks being penalized and losing its credibility on the international banking stage.
Meanwhile, as authorities continue to widen their net, the key suspects, including Sheila Namahe and Isaac Ssemakadde, maintain their innocence. However, with every new document and bank record surfacing, the narrative becomes harder to defend.
Stay tuned as Spy Uganda digs deeper into this complex web of deceit, high-stakes crime, and potential financial terrorism. Watch the space….
Hello very cool site!! Man .. Excellent .. Superb .. I’ll bookmark your blog and take
the feeds additionally? I’m satisfied to find a lot of helpful information right
here in the publish, we want develop more techniques on this regard, thanks for sharing.
. . . . .
I’m gone to tell my little brother, that he should also pay a quick visit this blog on regular basis to obtain updated from most
recent news.
whoah this weblog is magnificent i love reading your posts.
Stay up the good work! You realize, many persons are hunting
around for this information, you can aid them greatly.
This post will assist the internet viewers for creating
new website or even a weblog from start to end.
Thank you for the auspicious writeup. It in fact was a amusement account it.
Look advanced to far added agreeable from you! However, how could we communicate?