Business 4 November 2026 Daily Monitor (Uganda)
Two Banks Traped in Shs867m Fraudulent Land Transfer Scheme
Financial institutions in Uganda are left pursuing defaulting borrowers for over Shs867 million after falling victims to an elaborate land transfer scam. Source: https://www.monitor.co.ug/uganda/business/markets/how-two-banks-fell-victim-to-a-fraudulent-land-transfer-scheme-5658818
A sophisticated fraudulent land transfer scheme has left two financial institutions counting major losses after accepting compromised property as collateral. The banks are now actively pursuing the borrowers involved to recover more than Shs867 million in outstanding funds.
Land fraud continues to pose a severe challenge to Uganda’s banking and financial sectors. Perpetrators often manipulate land registry systems to transfer ownership illegally, using fake titles to secure substantial loans before disappearing.
Financial experts emphasize the urgent need for stricter due diligence and enhanced verification processes during the collateral appraisal stage. Without robust safeguards, institutions remain vulnerable to organized criminal networks exploiting loopholes in property documentation.
Read the full details in the Daily Monitor.