Bank of Uganda closes Sudhir Ruparelia’s Forex Bureaus’

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Bank of Uganda has terminated the licenses of three Forex bureaus owned by Sudhir Ruparelia. The three Forex bureaus’ are: Crane Forex Bureau, Karibu Forex Bureau and Redfox Forex Bureau. According to BoU, the licenses of three Forex bureaus expired in December 2016. Strangely, four months after the expiry of license, the forex Bureau’s have been operating.

In a statement issued Wednesday morning, the Bank of Uganda said Crane Forex Bureau at Speke Hotel; Crane Forex Bureau at Kampala Road; Karibu Forex Bureau at Mukwano Arcade, Namirembe Road and Redfox Bureau at Kampala road will have to cease operations.

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read: The rise and fall of Crane Bank: here is what went wrong

“Bank of Uganda wishes to notify the public that the forex bureau licenses issued to these following (aforementioned) forex bureaus expired on December 31, 2016 and were not renewed,” the BoU Governor noted in a statement.

READ: DFCU Bank selling Crane Bank Rwanda

He added: “The public is warned that whoever deals with these forex bureaus, their proprietors or directors in relation to the foreign exchange or money remittance business does so at his or her own risk.”

‘‘a source within Bank of Uganda has told us that the central bank was suspicious of some laundered money being channeled through the forex bureaus, and was, therefore, reluctant to renew the licenses’’ The Observer Newspaper reported.
The paper quoed a source it did not name: They [closed forex bureaus] are linked to money laundering,” the source said. “We are at a time when the world is looking at us… We’re involved in South Sudan, Somalia, refugees are flowing, and [we are close to] DRC. This raises the risks of laundering. Any links or suspicion will get you closed.

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